Brokerages Set Piedmont Lithium Inc. (NASDAQ:PLL) Target Price at $65.67

Piedmont Lithium Inc. (NASDAQ:PLL) has been given an average rating of “Hold” by the seven brokerages that are presently covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $65.67.

PLL has been the subject of a number of recent research reports. TD Cowen downgraded shares of Piedmont Lithium from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $55.00 to $20.00 in a research report on Monday, January 29th. JPMorgan Chase & Co. cut their price target on Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. BMO Capital Markets assumed coverage on Piedmont Lithium in a research note on Friday, February 16th. They set a “market perform” rating and a $20.00 price objective for the company. DA Davidson reaffirmed a “buy” rating and issued a $60.00 target price on shares of Piedmont Lithium in a research report on Tuesday, April 16th. Finally, BTIG Research downgraded shares of Piedmont Lithium from a “buy” rating to a “neutral” rating in a report on Friday, February 23rd.

Institutional Investors Weigh In On Piedmont Lithium

Large investors have recently modified their holdings of the stock. ICA Group Wealth Management LLC acquired a new position in shares of Piedmont Lithium in the fourth quarter worth about $28,000. GAMMA Investing LLC acquired a new stake in Piedmont Lithium during the 4th quarter valued at $34,000. FNY Investment Advisers LLC acquired a new position in Piedmont Lithium during the fourth quarter valued at $62,000. PNC Financial Services Group Inc. lifted its stake 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 in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Piedmont Lithium by 48.2% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,210 shares of the mineral exploration company’s stock worth $127,000 after acquiring an additional 1,044 shares during the period. 52.23% of the stock is owned by institutional investors.

Piedmont Lithium Trading Up 2.2 %

Piedmont Lithium stock opened at $13.33 on Wednesday. The stock has a 50 day moving average of $12.99 and a 200-day moving average of $20.28. The stock has a market cap of $258.07 million, a P/E ratio of -11.59 and a beta of 0.77. Piedmont Lithium has a 52 week low of $10.82 and a 52 week high of $65.72.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) EPS for the quarter, missing the consensus estimate of $0.38 by ($1.61). The firm had revenue of ($7.31) million for the quarter, compared to analyst estimates of $32.76 million. As a group, equities analysts predict that Piedmont Lithium will post -0.43 earnings per share 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.