FY2024 EPS Estimate for Piedmont Lithium Lowered by Analyst

Piedmont Lithium Inc. (NASDAQ:PLL) – Equities researchers at Roth Capital reduced their FY2024 earnings estimates for Piedmont Lithium in a research report issued on Tuesday, November 12th. Roth Capital analyst J. Reagor now expects that the mineral exploration company will post earnings of ($3.02) per share for the year, down from their prior estimate of ($2.40). The consensus estimate for Piedmont Lithium’s current full-year earnings is ($2.66) per share. Roth Capital also issued estimates for Piedmont Lithium’s Q4 2024 earnings at ($0.25) EPS, Q1 2025 earnings at $0.11 EPS, Q2 2025 earnings at ($0.03) EPS, Q3 2025 earnings at $0.03 EPS and FY2025 earnings at $0.16 EPS.

Several other brokerages have also recently weighed in on PLL. BMO Capital Markets boosted their target price on Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a report on Tuesday, October 29th. B. Riley dropped their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Macquarie lowered Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price target on the stock. in a report on Wednesday, October 16th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Finally, Roth Mkm restated a “buy” rating and set a $31.00 price objective (down from $40.00) on shares of Piedmont Lithium in a research report on Wednesday, October 30th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $22.26.

Piedmont Lithium Trading Down 2.3 %

Shares of PLL stock opened at $11.68 on Friday. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $31.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 1.99. The stock’s fifty day moving average is $10.93 and its two-hundred day moving average is $10.96. The firm has a market capitalization of $227.04 million, a P/E ratio of -2.86 and a beta of 0.74.

Piedmont Lithium (NASDAQ:PLL) last released its earnings results on Tuesday, November 12th. The mineral exploration company reported ($0.86) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.40). The firm had revenue of $27.66 million for the quarter, compared to analyst estimates of $32.91 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLL. Millennium Management LLC raised its holdings in shares of Piedmont Lithium by 12.0% in the 2nd quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after purchasing an additional 40,826 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Piedmont Lithium by 20.0% in the second quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock valued at $2,994,000 after buying an additional 50,000 shares in the last quarter. Boston Partners raised its stake in Piedmont Lithium by 154.5% in the first quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock valued at $2,266,000 after buying an additional 103,273 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Piedmont Lithium by 15.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 154,881 shares of the mineral exploration company’s stock worth $1,383,000 after buying an additional 20,481 shares during the last quarter. Finally, HITE Hedge Asset Management LLC boosted its position in shares of Piedmont Lithium by 2.9% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock worth $1,366,000 after acquiring an additional 4,345 shares in the last quarter. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

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.