Brokerages Set Piedmont Lithium Inc. (NASDAQ:PLL) PT at $67.00

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned an average rating of “Hold” from the seven research firms that are presently covering the company, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $67.00.

PLL has been the topic of several analyst reports. DA Davidson reaffirmed a “buy” rating and set a $60.00 price target on shares of Piedmont Lithium in a research report on Tuesday, April 16th. BMO Capital Markets increased their price objective on shares of Piedmont Lithium from $20.00 to $28.00 and gave the company a “market perform” rating in a research report on Friday, May 10th.

Piedmont Lithium Price Performance

PLL opened at $10.22 on Thursday. The company has a market cap of $197.96 million, a price-to-earnings ratio of -5.38 and a beta of 0.84. The firm has a 50 day simple moving average of $12.96 and a 200 day simple moving average of $16.38. Piedmont Lithium has a fifty-two week low of $9.89 and a fifty-two week high of $63.17.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings data on Thursday, May 9th. The mineral exploration company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.07). The company had revenue of $13.40 million for the quarter, compared to analysts’ expectations of $13.77 million. As a group, analysts expect that Piedmont Lithium will post 0.02 EPS for the current year.

Institutional Investors Weigh In On Piedmont Lithium

A number of hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Piedmont Lithium by 107.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock worth $11,012,000 after purchasing an additional 201,881 shares in the last quarter. Norges Bank bought a new position in shares of Piedmont Lithium during the fourth quarter valued at approximately $7,148,000. Invesco Ltd. raised its holdings in shares of Piedmont Lithium by 11.3% during the third quarter. Invesco Ltd. now owns 570,392 shares of the mineral exploration company’s stock valued at $22,645,000 after acquiring an additional 58,012 shares in the last quarter. Scarborough Advisors LLC purchased a new position in Piedmont Lithium during the fourth quarter valued at $98,000. Finally, Principal Financial Group Inc. lifted its position in Piedmont Lithium by 0.3% during the fourth quarter. Principal Financial Group Inc. now owns 361,625 shares of the mineral exploration company’s stock valued at $10,209,000 after buying an additional 1,232 shares during the period. 52.23% of the stock is currently owned by 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.