JPMorgan Chase & Co. Reiterates “Underweight” Rating for Piedmont Lithium (NASDAQ:PLL)

JPMorgan Chase & Co. reiterated their underweight rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research report report published on Monday morning, MarketBeat.com reports. They currently have a $8.00 target price on the mineral exploration company’s stock, down from their previous target price of $9.00.

Several other research firms also recently weighed in on PLL. 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 report on Monday, August 12th. BMO Capital Markets reduced their price target on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a report on Friday, September 6th. Roth Mkm reiterated a “buy” rating and issued a $40.00 price objective (down previously from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Finally, 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 report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $23.47.

Piedmont Lithium Stock Down 9.3 %

PLL stock opened at $10.53 on Monday. The stock has a market capitalization of $204.60 million, a P/E ratio of -5.16 and a beta of 0.81. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $9.15 and a 200-day moving average price of $10.97. Piedmont Lithium has a 12 month low of $6.57 and a 12 month high of $31.82.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The company had revenue of $13.23 million for the quarter, compared to analyst estimates of $14.89 million. During the same period last year, the firm posted ($0.55) earnings per share. As a group, equities research analysts anticipate that Piedmont Lithium will post -2.47 EPS for the current fiscal year.

Institutional Trading of Piedmont Lithium

Institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd bought a new position in Piedmont Lithium during the 2nd quarter worth approximately $47,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Piedmont Lithium during the second quarter worth $723,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Piedmont Lithium during the second quarter worth $58,000. Point72 Asset Management L.P. lifted its holdings in 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 valued at $2,994,000 after buying an additional 50,000 shares during the period. Finally, Millennium Management LLC boosted its position in Piedmont Lithium by 12.0% during the second 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 during the last quarter. 52.23% of the stock is currently owned by 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.