Piedmont Lithium Inc. (NASDAQ:PLL) Receives $23.47 Average PT from Brokerages

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have been assigned an average recommendation of “Hold” from the eight research firms that are currently covering the firm, Marketbeat.com reports. Two equities research 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. The average 1 year price target among analysts that have issued a report on the stock in the last year is $23.47.

Several research firms have issued reports on PLL. JPMorgan Chase & Co. restated an “underweight” rating and set a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Roth Mkm reissued a “buy” rating and set a $40.00 price objective (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Macquarie lowered shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price on the stock. in a research note on Wednesday, October 16th. BMO Capital Markets reduced their price target on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a research report on Friday, September 6th. Finally, B. Riley cut their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 12th.

Hedge Funds Weigh In On Piedmont Lithium

A number of institutional investors and hedge funds have recently bought and sold shares of PLL. PNC Financial Services Group Inc. boosted its stake in Piedmont Lithium by 143.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock valued at $73,000 after purchasing an additional 1,521 shares in the last quarter. GAMMA Investing LLC boosted its stake in Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after buying an additional 796 shares in the last quarter. Headlands Technologies LLC acquired a new position in Piedmont Lithium during the first quarter worth about $25,000. State Board of Administration of Florida Retirement System bought a new stake in Piedmont Lithium in the first quarter worth about $71,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Piedmont Lithium by 49.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company’s stock valued at $254,000 after acquiring an additional 6,328 shares during the last quarter. Institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Stock Down 5.2 %

Shares of Piedmont Lithium stock opened at $11.79 on Wednesday. The company has a fifty day moving average price of $9.57 and a 200 day moving average price of $10.95. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a twelve month low of $6.57 and a twelve month high of $31.82. The stock has a market cap of $229.08 million, a price-to-earnings ratio of -5.78 and a beta of 0.81.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The business had revenue of $13.23 million during the quarter, compared to analysts’ expectations of $14.89 million. During the same period in the previous year, the company posted ($0.55) EPS. Equities research analysts forecast that Piedmont Lithium will post -2.47 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.