Piedmont Lithium Inc. (NASDAQ:PLL) Given Average Recommendation of “Hold” by Analysts

Piedmont Lithium Inc. (NASDAQ:PLL) has been given a consensus rating of “Hold” by the eight brokerages that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $23.47.

A number of equities analysts recently commented on the stock. Roth Mkm reaffirmed 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. B. Riley lowered their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Macquarie downgraded shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price target for the company. in a research report on Wednesday, October 16th. 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 research report on Friday, September 6th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st.

Institutional Investors Weigh In On Piedmont Lithium

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Headlands Technologies LLC bought a new position in shares of Piedmont Lithium in the 1st quarter valued at $25,000. GAMMA Investing LLC grew 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 valued at $27,000 after acquiring an additional 796 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Piedmont Lithium by 143.6% during the fourth 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 in the last quarter. Point72 DIFC Ltd bought a new position in shares of Piedmont Lithium in the second quarter worth about $47,000. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Piedmont Lithium in the first quarter worth about $71,000. 52.23% of the stock is currently owned by institutional investors.

Piedmont Lithium Price Performance

Piedmont Lithium stock opened at $11.79 on Wednesday. The company has a market capitalization of $228.36 million, a price-to-earnings ratio of -6.21 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. Piedmont Lithium has a 12 month low of $6.57 and a 12 month high of $31.82. The stock’s 50 day moving average is $9.57 and its 200-day moving average is $10.91.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing the consensus estimate 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 quarter last year, the firm earned ($0.55) EPS. Equities research analysts expect that Piedmont Lithium will post -2.47 EPS for the current 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.