PNC Financial Services Group Inc. Purchases 222,996 Shares of PureCycle Technologies, Inc. $PCT

Key Points

• PNC Financial Services increased its PureCycle Technologies stake by 18.2%, buying 222,996 shares to reach 1.45 million shares valued at approximately $7.5 million. Institutional investors collectively own 63.01% of the company.
• Analyst views remain mixed, with a consensus “Moderate Buy” rating and an average price target of $12.25, despite some sell and strong-sell ratings and TD Cowen lowering its target to $6.
• PureCycle reported a quarterly loss of $0.21 per share, better than the expected $0.26 loss, and revenue of $4.13 million. The stock opened at $5.85, well below its 12-month high of $15.75, while the company continues developing technology to produce recycled polypropylene resin.

PNC Financial Services Group Inc. boosted its position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 18.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,445,556 shares of the company's stock after purchasing an additional 222,996 shares during the period. PNC Financial Services Group Inc. owned about 0.80% of PureCycle Technologies worth $7,502,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Cassaday & Co Wealth Management LLC bought a new position in shares of PureCycle Technologies in the 1st quarter worth approximately $33,000. Larson Financial Group LLC boosted its holdings in shares of PureCycle Technologies by 6,571.8% in the third quarter. Larson Financial Group LLC now owns 2,602 shares of the company's stock worth $34,000 after buying an additional 2,563 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of PureCycle Technologies in the third quarter worth approximately $35,000. SHP Wealth Management bought a new stake in PureCycle Technologies during the fourth quarter valued at approximately $43,000. Finally, Sigma Planning Corp bought a new stake in PureCycle Technologies during the first quarter valued at approximately $53,000. 63.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PCT has been the topic of several recent research reports. Northland Securities set a $13.00 price target on shares of PureCycle Technologies in a research report on Friday, June 12th. Wall Street Zen lowered PureCycle Technologies from a "sell" rating to a "strong sell" rating in a research note on Sunday, May 10th. Alembic Global Advisors set a $16.00 target price on PureCycle Technologies in a report on Tuesday, June 16th. TD Cowen lowered their target price on PureCycle Technologies from $7.00 to $6.00 and set a "hold" rating on the stock in a research report on Friday, May 8th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of PureCycle Technologies in a research report on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $12.25.

PureCycle Technologies Stock Performance

PureCycle Technologies stock opened at $5.85 on Monday. PureCycle Technologies, Inc. has a 12-month low of $4.93 and a 12-month high of $15.75. The firm has a market capitalization of $1.06 billion, a price-to-earnings ratio of -3.98 and a beta of 2.50. The firm has a 50 day moving average of $9.19 and a 200 day moving average of $8.45. The company has a current ratio of 1.71, a quick ratio of 1.57 and a debt-to-equity ratio of 47.59.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported ($0.21) earnings per share for the quarter, topping the consensus estimate of ($0.26) by $0.05. PureCycle Technologies had a negative net margin of 2,062.36% and a negative return on equity of 393.01%. The company had revenue of $4.13 million during the quarter, compared to the consensus estimate of $3.83 million. As a group, research analysts predict that PureCycle Technologies, Inc. will post -1 earnings per share for the current year.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc operates as a recycling technology company focused on restoring waste polypropylene to a “virgin-like” state through a proprietary purification process licensed from Procter & Gamble. The company develops, owns and operates recycling facilities that convert used polypropylene feedstock—such as packaging and industrial plastics—into ultra‐pure recycled resin. This resin, known as Qualified Recycled Polymer (QRP), is designed to meet stringent quality specifications for applications in packaging, consumer goods and industrial products.

Headquartered in Orlando, Florida, PureCycle was established with technology development efforts dating back to licensing agreements in the mid-2010s and later spun off as a publicly traded entity in 2021.

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