Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Rating of “Hold” from Analysts

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned a consensus rating of “Hold” from the eight research firms that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $23.47.

A number of research analysts have issued reports on the stock. Roth Mkm reaffirmed a “buy” rating and issued a $40.00 target price (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Macquarie cut shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price objective for the company. in a research note on Wednesday, October 16th. B. Riley cut their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a report on Monday. Finally, BMO Capital Markets reduced their price objective on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a research note on Friday, September 6th.

Piedmont Lithium Stock Performance

NASDAQ PLL opened at $12.14 on Wednesday. The business’s 50-day moving average price is $9.22 and its 200 day moving average price is $10.96. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.01. The firm has a market cap of $235.88 million, a P/E ratio of -5.95 and a beta of 0.81. Piedmont Lithium has a 52-week low of $6.57 and a 52-week high of $31.82.

Piedmont Lithium (NASDAQ:PLL) last announced its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The business had revenue of $13.23 million for the quarter, compared to the consensus estimate of $14.89 million. During the same period in the prior year, the firm posted ($0.55) EPS. On average, equities research analysts expect that Piedmont Lithium will post -2.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PLL. Millennium Management LLC raised its holdings in Piedmont Lithium by 12.0% in the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after acquiring an additional 40,826 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Piedmont Lithium by 20.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock valued at $2,994,000 after purchasing an additional 50,000 shares in the last quarter. Boston Partners lifted its position in shares of Piedmont Lithium by 154.5% during the first quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after purchasing an additional 103,273 shares during the last quarter. HITE Hedge Asset Management LLC bought a new position in shares of Piedmont Lithium during the second quarter worth about $1,484,000. Finally, Raymond James & Associates acquired a new position in Piedmont Lithium in the second quarter worth about $1,472,000. Institutional investors and hedge funds own 52.23% of the company’s stock.

Piedmont Lithium Company Profile

Piedmont Lithium Inc, a development stage company, engages in the exploration and development of resource projects in the United States. The company primarily holds a 100% interest in the Carolina Lithium Project that include an area of approximately 3,706 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.