Piedmont Lithium Inc. (NASDAQ:PLL) Receives $20.63 Average PT from Analysts

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have received a consensus rating of “Hold” from the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation, two have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $20.63.

Several brokerages have recently issued reports on PLL. Roth Capital cut shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Roth Mkm dropped their price target on Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating on the stock in a report on Friday, February 21st. Macquarie raised shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. Finally, BMO Capital Markets boosted their target price on shares of Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research note on Friday, November 29th.

Piedmont Lithium Stock Performance

PLL stock opened at $7.21 on Tuesday. The company has a 50-day simple moving average of $8.64 and a 200 day simple moving average of $9.86. The company has a market capitalization of $140.15 million, a P/E ratio of -2.17 and a beta of 0.78. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $17.66. The company has a quick ratio of 1.99, a current ratio of 2.23 and a debt-to-equity ratio of 0.01.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings data on Thursday, February 20th. The mineral exploration company reported ($0.55) EPS for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.12). Piedmont Lithium had a negative return on equity of 17.74% and a negative net margin of 64.84%. The firm had revenue of $45.59 million during the quarter, compared to the consensus estimate of $52.60 million. Sell-side analysts predict that Piedmont Lithium will post -0.91 earnings per share for the current fiscal year.

Insider Activity at Piedmont Lithium

In other news, CEO Keith D. Phillips sold 41,867 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total transaction of $515,382.77. Following the transaction, the chief executive officer now owns 170,616 shares in the company, valued at $2,100,282.96. This represents a 19.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.81% of the company’s stock.

Hedge Funds Weigh In On Piedmont Lithium

Several hedge funds have recently bought and sold shares of the business. National Bank of Canada FI boosted its stake in shares of Piedmont Lithium by 2,095.4% during the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after acquiring an additional 2,724 shares in the last quarter. FMR LLC boosted its position in Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after purchasing an additional 936 shares during the period. BNP Paribas Financial Markets acquired a new position in Piedmont Lithium during the fourth quarter valued at approximately $33,000. GAMMA Investing LLC raised its position in shares of Piedmont Lithium by 65.8% in the fourth quarter. GAMMA Investing LLC now owns 3,907 shares of the mineral exploration company’s stock valued at $34,000 after purchasing an additional 1,550 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Piedmont Lithium in the fourth quarter worth $41,000. 52.23% of the stock is owned by institutional investors and hedge funds.

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.