Analysts Set Piedmont Lithium Inc. (NASDAQ:PLL) PT at $20.63

Piedmont Lithium Inc. (NASDAQ:PLL) has been given a consensus recommendation of “Hold” by the seven ratings firms that are covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $20.63.

PLL has been the topic of a number of recent analyst reports. Macquarie upgraded shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. BMO Capital Markets increased their target price on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research note on Friday, November 29th. Finally, Roth Mkm decreased their price target on Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating for the company in a research note on Friday, February 21st.

Piedmont Lithium Stock Down 1.7 %

Shares of NASDAQ:PLL opened at $6.99 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $7.97 and a two-hundred day simple moving average of $9.76. Piedmont Lithium has a 12-month low of $6.26 and a 12-month high of $17.66. The stock has a market capitalization of $153.39 million, a price-to-earnings ratio of -2.11 and a beta of 0.76.

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

Hedge Funds Weigh In On Piedmont Lithium

A number of institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC lifted its holdings in Piedmont Lithium by 38.7% in the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after acquiring an additional 936 shares during the period. Mariner LLC increased its position in shares of Piedmont Lithium by 12.0% during the 4th quarter. Mariner LLC now owns 12,262 shares of the mineral exploration company’s stock valued at $107,000 after purchasing an additional 1,313 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Piedmont Lithium by 65.8% in the 4th quarter. GAMMA Investing LLC now owns 3,907 shares of the mineral exploration company’s stock worth $34,000 after purchasing an additional 1,550 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Piedmont Lithium by 16.3% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,739 shares of the mineral exploration company’s stock worth $111,000 after purchasing an additional 1,782 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Piedmont Lithium by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 70,082 shares of the mineral exploration company’s stock worth $613,000 after buying an additional 1,855 shares during the last quarter. 52.23% of the stock is currently owned by hedge funds and other 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.