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

Piedmont Lithium Inc. (NASDAQ:PLL) has received an average recommendation of “Hold” from the eight ratings firms that are presently covering the stock, Marketbeat.com reports. Two equities research 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 updated their coverage on the stock in the last year is $22.26.

A number of analysts have commented on PLL shares. BMO Capital Markets upped their price target on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. Roth Mkm restated a “buy” rating and set a $31.00 target price (down previously from $40.00) on shares of Piedmont Lithium in a research report on Wednesday, October 30th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Macquarie lowered Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price target on the stock. in a research note on Wednesday, October 16th. Finally, B. Riley reduced their price objective on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 12th.

Piedmont Lithium Stock Down 2.3 %

Shares of NASDAQ PLL opened at $11.68 on Friday. The company’s 50 day moving average price is $10.93 and its 200-day moving average price is $10.95. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 1.99. Piedmont Lithium has a 52-week low of $6.57 and a 52-week high of $31.82. The company has a market capitalization of $227.04 million, a P/E ratio of -2.86 and a beta of 0.74.

Institutional Trading of Piedmont Lithium

Hedge funds and other institutional investors have recently bought and sold shares of the business. HITE Hedge Asset Management LLC purchased a new stake in shares of Piedmont Lithium in the second quarter worth approximately $1,484,000. Raymond James & Associates purchased a new stake in Piedmont Lithium in the 2nd quarter valued at $1,472,000. Boston Partners boosted its holdings in Piedmont Lithium by 154.5% during the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after acquiring an additional 103,273 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Piedmont Lithium in the 2nd quarter worth $874,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Piedmont Lithium in the 2nd quarter worth $723,000. 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.