Maridea Wealth Management LLC Buys 42,620 Shares of PureCycle Technologies, Inc. (NASDAQ:PCT)

Key Points

• Maridea Wealth Management LLC increased its stake in PureCycle Technologies by 40.5%, now owning 147,972 shares valued at approximately $1,024,000.
• Other institutional investors, including Vanguard Group and Geode Capital Management, have also boosted their positions, contributing to a total institutional ownership of 63.01%.
• PureCycle Technologies reported earnings of ($0.27) per share, missing analyst expectations, with revenue of only $1.58 million compared to the anticipated $4.27 million.

Maridea Wealth Management LLC boosted its position in PureCycle Technologies, Inc. (NASDAQ:PCT - Free Report) by 40.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 147,972 shares of the company's stock after buying an additional 42,620 shares during the period. Maridea Wealth Management LLC owned approximately 0.08% of PureCycle Technologies worth $1,024,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. bought a new stake in PureCycle Technologies during the 1st quarter worth approximately $25,000. Sterling Capital Management LLC increased its holdings in PureCycle Technologies by 775.3% during the 4th quarter. Sterling Capital Management LLC now owns 3,230 shares of the company's stock worth $33,000 after purchasing an additional 2,861 shares in the last quarter. CWM LLC increased its holdings in PureCycle Technologies by 158.7% during the 1st quarter. CWM LLC now owns 4,960 shares of the company's stock worth $34,000 after purchasing an additional 3,043 shares in the last quarter. KBC Group NV bought a new stake in PureCycle Technologies during the 1st quarter worth approximately $41,000. Finally, Kathmere Capital Management LLC bought a new stake in PureCycle Technologies during the 1st quarter worth approximately $69,000. 63.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on PCT shares. TD Cowen raised PureCycle Technologies to a "strong-buy" rating in a report on Monday, June 23rd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $16.00 target price (up from $12.00) on shares of PureCycle Technologies in a report on Tuesday, June 24th. Finally, Wall Street Zen lowered PureCycle Technologies from a "hold" rating to a "sell" rating in a report on Monday, July 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $12.50.

PureCycle Technologies Stock Performance

Shares of PCT stock traded down $0.24 during trading on Thursday, hitting $13.40. The company's stock had a trading volume of 996,177 shares, compared to its average volume of 3,075,914. The business has a fifty day moving average of $13.05 and a 200-day moving average of $9.78. PureCycle Technologies, Inc. has a 52 week low of $4.50 and a 52 week high of $17.37. The company has a market cap of $2.41 billion, a PE ratio of -11.47 and a beta of 1.90. The company has a current ratio of 0.55, a quick ratio of 0.45 and a debt-to-equity ratio of 1.43.

PureCycle Technologies (NASDAQ:PCT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported ($0.27) earnings per share for the quarter, missing the consensus estimate of ($0.25) by ($0.02). The business had revenue of $1.58 million during the quarter, compared to analyst estimates of $4.27 million. As a group, research analysts anticipate that PureCycle Technologies, Inc. will post -1.01 earnings per share for the current year.

PureCycle Technologies Company Profile

PureCycle Technologies, Inc engages in the production of recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled polypropylene resin that has multiple applications, including packaging and labeling for consumer products, piping, ropes, cabling, and plastic parts for various industries.