Equities Analysts Offer Predictions for PLL FY2024 Earnings

Piedmont Lithium Inc. (NASDAQ:PLL) – Equities researchers at B. Riley lowered their FY2024 earnings per share estimates for Piedmont Lithium in a research report issued on Wednesday, November 13th. B. Riley analyst M. Key now anticipates that the mineral exploration company will post earnings of ($3.33) per share for the year, down from their prior estimate of ($2.59). B. Riley has a “Buy” rating and a $20.00 price objective on the stock. The consensus estimate for Piedmont Lithium’s current full-year earnings is ($3.08) per share. B. Riley also issued estimates for Piedmont Lithium’s Q4 2024 earnings at ($0.56) EPS, FY2025 earnings at ($1.16) EPS and FY2026 earnings at $0.19 EPS.

Other equities research analysts have also recently issued reports about the stock. BMO Capital Markets raised their price target on shares of Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a report on Tuesday, October 29th. Macquarie downgraded Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price for the company. in a research note on Wednesday, October 16th. Roth Mkm reaffirmed a “buy” rating and set a $31.00 price target (down from $40.00) on shares of Piedmont Lithium in a research note on Wednesday, October 30th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $22.26.

Piedmont Lithium Stock Performance

NASDAQ:PLL opened at $12.25 on Monday. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a twelve month low of $6.57 and a twelve month high of $31.82. The company has a fifty day moving average of $11.15 and a 200-day moving average of $10.93. The firm has a market capitalization of $238.12 million, a P/E ratio of -3.00 and a beta of 0.74.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PLL. Barclays PLC lifted its position in shares of Piedmont Lithium by 104.9% during the third quarter. Barclays PLC now owns 34,322 shares of the mineral exploration company’s stock valued at $307,000 after purchasing an additional 17,569 shares in the last quarter. Virtue Capital Management LLC bought a new position in shares of Piedmont Lithium during the 3rd quarter worth approximately $223,000. National Bank of Canada FI boosted its stake in shares of Piedmont Lithium by 2,095.4% in the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after buying an additional 2,724 shares during the last quarter. Quantinno Capital Management LP bought a new position in shares of Piedmont Lithium in the third quarter valued at approximately $103,000. Finally, HITE Hedge Asset Management LLC increased its position in shares of Piedmont Lithium by 2.9% during the third quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock valued at $1,366,000 after acquiring an additional 4,345 shares during the last quarter. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Company Profile

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.