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

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

A number of other research firms have also recently weighed in on PLL. Roth Mkm restated a “buy” rating and issued a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Macquarie lowered shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price objective on the stock. in a research report on Wednesday, October 16th. BMO Capital Markets reduced 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 report on Friday, September 6th. Finally, B. Riley lowered their price target 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. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Piedmont Lithium has a consensus rating of “Hold” and an average price target of $23.47.

Piedmont Lithium Price Performance

Shares of NASDAQ PLL opened at $11.26 on Monday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.32 and a quick ratio of 2.32. The business has a 50-day moving average of $9.30 and a 200-day moving average of $10.95. The stock has a market capitalization of $218.78 million, a price-to-earnings ratio of -5.52 and a beta of 0.81. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $31.82.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share 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 last year, the company posted ($0.55) EPS. As a group, sell-side analysts predict that Piedmont Lithium will post -2.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of 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 purchasing an additional 796 shares during the period. 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 valued at $73,000 after buying an additional 1,521 shares during the period. Headlands Technologies LLC acquired a new position in shares of Piedmont Lithium in the 1st quarter valued at approximately $25,000. Point72 DIFC Ltd bought a new stake in shares of Piedmont Lithium during the 2nd quarter worth approximately $47,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of Piedmont Lithium during the 1st quarter worth approximately $71,000. 52.23% of the stock is owned by institutional investors.

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.