Analysts Set Piedmont Lithium Inc. (NASDAQ:PLL) PT at $24.69

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have received an average rating of “Hold” from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $24.69.

PLL has been the topic of a number of recent research reports. B. Riley dropped their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Macquarie reaffirmed a “neutral” rating and set a $9.30 price target on shares of Piedmont Lithium in a research note on Monday, August 12th. BMO Capital Markets decreased their price objective on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a report on Friday, September 6th. Finally, Roth Mkm reiterated a “buy” rating and set a $40.00 price target (down from $61.00) on shares of Piedmont Lithium in a research report on Friday, August 9th.

Institutional Trading of Piedmont Lithium

Several institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new position in Piedmont Lithium in the fourth quarter valued at about $7,148,000. Scarborough Advisors LLC acquired a new position in Piedmont Lithium in the 4th quarter worth $98,000. Boston Partners boosted its position in Piedmont Lithium by 154.5% in the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock valued at $2,266,000 after buying an additional 103,273 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Piedmont Lithium by 49.7% during the first 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 in the last quarter. Finally, Raymond James & Associates purchased a new stake in shares of Piedmont Lithium during the second quarter worth about $1,472,000. 52.23% of the stock is owned by hedge funds and other institutional investors.

Piedmont Lithium Stock Down 2.2 %

PLL stock opened at $8.93 on Friday. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $39.64. The company’s 50 day moving average price is $8.43 and its 200 day moving average price is $11.02. The firm has a market capitalization of $172.97 million, a price-to-earnings ratio of -4.70 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 (NASDAQ:PLL) last announced 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 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 business posted ($0.55) earnings per share. On average, equities research analysts anticipate that Piedmont Lithium will post -2.26 EPS 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.