Piedmont Lithium (NASDAQ:PLL) Earns Buy Rating from Roth Mkm

Piedmont Lithium (NASDAQ:PLL)‘s stock had its “buy” rating reissued by research analysts at Roth Mkm in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $31.00 price objective on the mineral exploration company’s stock, down from their previous price objective of $40.00. Roth Mkm’s price target indicates a potential upside of 136.64% from the company’s previous close.

Several other research firms have also commented on PLL. BMO Capital Markets upped their target price on Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a report on Tuesday. Macquarie lowered Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price objective for the company. in a report on Wednesday, October 16th. B. Riley decreased their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $22.26.

Piedmont Lithium Trading Down 1.5 %

NASDAQ:PLL opened at $13.10 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. Piedmont Lithium has a one year low of $6.57 and a one year high of $31.82. The business’s 50-day simple moving average is $9.94 and its 200 day simple moving average is $10.95. The stock has a market cap of $254.52 million, a price-to-earnings ratio of -6.42 and a beta of 0.81.

Piedmont Lithium (NASDAQ:PLL) last announced its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The business had revenue of $13.23 million during the quarter, compared to analysts’ expectations of $14.89 million. During the same quarter in the prior year, the firm earned ($0.55) EPS. As a group, sell-side analysts predict that Piedmont Lithium will post -2.58 earnings per share for the current fiscal year.

Institutional Trading of Piedmont Lithium

A number of hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. raised its holdings in shares of Piedmont Lithium by 20.0% during the second quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,994,000 after acquiring an additional 50,000 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in Piedmont Lithium during the second quarter worth $723,000. Millennium Management LLC increased its position in Piedmont Lithium by 12.0% during the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock worth $3,805,000 after buying an additional 40,826 shares during the last quarter. Boston Partners increased its position in 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 buying an additional 103,273 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in Piedmont Lithium during the second quarter worth $874,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

About Piedmont Lithium

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.