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ASX technology stocks offer serious growth potential. As Australia’s digital economy expands, investors could look for opportunities outside banking and energy shares that typically dominate the market. 

One tech stock that has caught the attention of brokers is Weebit Nano Ltd (ASX: WBT)

What is Weebit Nano?

Weebit Nano Ltd is a developer and licensor of semiconductor memory technology. 

The Israel-based company focuses on developing advanced storage and computing technologies, particularly its ReRAM (Resistive Random-Access Memory) technology. 

This technology is used in Internet of Things (IoT) sensors, smartphones, robotics, autonomous vehicles, 5G communications, advanced AI systems, and cloud computing.

Like many small-cap stocks, its share price has been volatile over the last 12 months. 

It reached as high as $3.60 per share in December last year. It was also as low as $1.39 in April this year. 

At the time of writing, it is trading at roughly $2.17 per share. 

Broker believes it’s set for growth

According to broker Bell Potter, now is a great time to buy Weebit Nano shares. 

It has placed a buy recommendation and price target of $6.11 on this ASX tech stock. 

That would mean the share price is set to nearly triple. 

Based on this price target, a hypothetical investment of $5,000 at its current price would reach roughly $14,072 if Bell Potter’s prediction came to fruition. 

What’s behind this prediction?

Bell Potter seems optimistic on the future outlook of this ASX tech company.

The company achieved AECQ100 qualification, demonstrating the technology’s robustness with capabilities to operate at 150 degrees Celsius for 10 years and withstand 100,000 cycles of endurance. Working wafers with DB HiTek were produced, and functional demos were prepared for the upcoming power management conference in Germany.

What does this mean?

Weebit Nano’s memory technology passed a major industry reliability test (AECQ100) that’s required if you want to sell chips for harsh environments – like in cars, industrial machines, or aerospace – where parts have to survive extreme heat, long lifespans, and constant use.

Furthermore, the broker said the company remains in a strong position with a unique market opportunity as the only independent provider of ReRAM, planning to ramp up production and secure more agreements throughout the year.