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

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned a consensus rating of “Hold” from the six research firms that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $71.67.

Several research firms recently commented on PLL. BTIG Research cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating in a research note on Friday, February 23rd. BMO Capital Markets started coverage on shares of Piedmont Lithium in a report on Friday, February 16th. They issued a “market perform” rating and a $20.00 target price on the stock. TD Cowen lowered shares of Piedmont Lithium from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $55.00 to $20.00 in a report on Monday, January 29th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th.

Hedge Funds Weigh In On Piedmont Lithium

Several hedge funds have recently made changes to their positions in PLL. State Street Corp lifted its holdings in Piedmont Lithium by 1,522.7% during the 1st quarter. State Street Corp now owns 1,149,201 shares of the mineral exploration company’s stock valued at $83,880,000 after purchasing an additional 1,078,382 shares during the last quarter. Norges Bank acquired a new stake in Piedmont Lithium during the 4th quarter valued at $7,148,000. Schonfeld Strategic Advisors LLC lifted its holdings in Piedmont Lithium by 176.3% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 343,563 shares of the mineral exploration company’s stock valued at $13,639,000 after purchasing an additional 219,206 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Piedmont Lithium by 783.7% during the 2nd quarter. Renaissance Technologies LLC now owns 231,300 shares of the mineral exploration company’s stock valued at $8,422,000 after purchasing an additional 205,125 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Piedmont Lithium by 107.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock valued at $11,012,000 after purchasing an additional 201,881 shares during the last quarter. 52.23% of the stock is owned by institutional investors.

Piedmont Lithium Stock Performance

Shares of PLL opened at $13.49 on Friday. The company’s 50 day moving average price is $13.47 and its 200 day moving average price is $22.83. Piedmont Lithium has a 52 week low of $11.27 and a 52 week high of $65.72. The company has a market capitalization of $261.17 million, a PE ratio of -11.73 and a beta of 0.77.

Piedmont Lithium (NASDAQ:PLL) last posted its earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) EPS for the quarter, missing the consensus estimate of $0.38 by ($1.61). The business had revenue of ($7.31) million for the quarter, compared to the consensus estimate of $32.76 million. On average, equities analysts forecast that Piedmont Lithium will post -0.2 earnings per share for the current fiscal year.

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.