Shares of solvent-driven purification solutions provider PureCycle Technologies (NASDAQ:PCT) are on the rise today after the company produced the first run of ultra-pure recycled resin from recycled material.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Importantly, this production from post-industrial material was at a commercial scale and is the first step towards PureCycle operating its polypropylene purification facility located in Ironton, Ohio.
The facility is expected to produce 107 million pounds of ultra-pure recycled resin annually once it becomes fully operational. Next, the company can now test its core technology in varying operating conditions.
Impressively, the facility will produce 100% recyclable resin while utilizing 79% less energy as compared to the production of virgin PP resin and emitting 35% lower carbon emissions as compared to new PP production.
Overall, the Street has a $15.50 consensus price target on PureCycle alongside a Strong Buy consensus rating. Today’s price gains come on top of a nearly 16% rise in PureCycle shares over the past month.
Read full Disclosure
