Here is Why Analysts are Looking at PureCycle Technologies (PCT)

PureCycle Technologies (NASDAQ:PCT) is one of the most promising small-cap industrial stocks under $50.

On December 19, Craig-Hallum analyst Eric Stine gave a Hold rating to PureCycle Technologies (NASDAQ:PCT). Despite Stine’s neutral stance on the company, the overall consensus as of December 22 remains positive. As per analyst estimates, the stock has a target price of $16, which gives around 73.5% upside potential from the current level. PureCycle Technologies (NASDAQ:PCT) is covered by 7 analysts, 4 of whom have assigned Buy ratings and 3 Hold ratings.

On December 11, management announced initial sales of its PureFive resins to one of the top 5 global paint and coatings companies for cap production. The sales occurred after the product underwent stringent testing protocols set by the customer. After passing these protocols, spray paint cans along with the above-mentioned caps are now available on store shelves.

PureCycle Technologies (NASDAQ:PCT) CEO Dustin Olson added:

“The caps and closures market represents a great opportunity for our company. Polypropylene is predominantly used in North America for caps and closures, with more than 300 million pieces produced annually. This supply partnership with one of the leading paint and coating companies in the world demonstrates that manufacturers can achieve their sustainability goals and meet product performance requirements when they use our PureFive resin.”

PureCycle Technologies (NASDAQ:PCT) uses its patented solvent-based purification technology to recycle waste polypropylene into recycled resin. This technology allows them to separate color, odor, and other contaminants from plastic waste, making it a renewable source for companies.

While we acknowledge the risk and potential of PCT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PCT and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.