Piedmont Lithium’s (PLL) “Underweight” Rating Reaffirmed at JPMorgan Chase & Co.

JPMorgan Chase & Co. reissued their underweight rating on shares of Piedmont Lithium (NASDAQ:PLL) in a report issued on Monday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has a $8.00 price target on the mineral exploration company’s stock, down from their prior price target of $9.00.

A number of other brokerages have also recently issued reports on PLL. BMO Capital Markets decreased their target price on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating for the company in a research report on Friday, September 6th. 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. B. Riley lowered their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Macquarie cut Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price on the stock. in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Piedmont Lithium presently has an average rating of “Hold” and an average price target of $23.47.

Piedmont Lithium Stock Performance

Shares of Piedmont Lithium stock opened at $12.44 on Monday. The company has a market cap of $241.71 million, a P/E ratio of -6.10 and a beta of 0.81. Piedmont Lithium has a 1-year low of $6.57 and a 1-year high of $31.82. The business has a 50-day moving average price of $9.48 and a two-hundred day moving average price of $10.96. 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 (NASDAQ:PLL) last announced its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS 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 business earned ($0.55) earnings per share. As a group, analysts anticipate that Piedmont Lithium will post -2.47 EPS for the current year.

Hedge Funds Weigh In On Piedmont Lithium

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC increased its position in Piedmont Lithium by 66.6% in the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock worth $27,000 after buying an additional 796 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Piedmont Lithium by 143.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock worth $73,000 after acquiring an additional 1,521 shares during the last quarter. Headlands Technologies LLC bought a new stake in Piedmont Lithium in the 1st quarter valued at about $25,000. Point72 DIFC Ltd bought a new stake in Piedmont Lithium in the 2nd quarter valued at about $47,000. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Piedmont Lithium during the first quarter valued at about $71,000. 52.23% of the stock is 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.