Analysts Set Piedmont Lithium Inc. (NASDAQ:PLL) PT at $25.61

Piedmont Lithium Inc. (NASDAQ:PLL) has earned a consensus recommendation of “Hold” from the eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $25.61.

Several research analysts have recently issued reports on PLL shares. Roth Mkm reiterated a “buy” rating and issued a $40.00 price objective (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. B. Riley decreased their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Macquarie reissued a “neutral” rating and issued a $9.30 price objective on shares of Piedmont Lithium in a research note on Monday, August 12th. Finally, BMO Capital Markets cut their price objective on Piedmont Lithium from $28.00 to $15.00 and set a “market perform” rating for the company in a report on Friday, July 26th.

Hedge Funds Weigh In On Piedmont Lithium

Hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. boosted its holdings in shares of 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 worth $2,994,000 after buying an additional 50,000 shares during the period. Millennium Management LLC lifted its position 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 acquiring an additional 40,826 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new position in Piedmont Lithium in the 2nd quarter worth approximately $393,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Piedmont Lithium during the 2nd quarter worth approximately $58,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in Piedmont Lithium during the 2nd quarter valued at $1,484,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

Piedmont Lithium Trading Down 5.0 %

NASDAQ:PLL opened at $7.46 on Tuesday. The stock has a market cap of $144.50 million, a price-to-earnings ratio of -3.93 and a beta of 0.80. 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 1 year low of $6.93 and a 1 year high of $46.33. The business has a fifty day moving average of $9.50 and a 200-day moving average of $11.77.

Piedmont Lithium (NASDAQ:PLL) last announced its earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The company had revenue of $13.23 million for the quarter, compared to analysts’ expectations of $14.89 million. During the same period in the previous year, the company earned ($0.55) EPS. Equities analysts predict that Piedmont Lithium will post -2.26 earnings per share for the current year.

Piedmont Lithium Company Profile

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.