Piedmont Lithium (NASDAQ:PLL) Stock Rating Reaffirmed by DA Davidson

Piedmont Lithium (NASDAQ:PLL)‘s stock had its “buy” rating reissued by DA Davidson in a note issued to investors on Tuesday, Benzinga reports. They currently have a $60.00 target price on the mineral exploration company’s stock. DA Davidson’s target price points to a potential upside of 344.12% from the stock’s current price.

A number of other research analysts have also weighed in on the company. JPMorgan Chase & Co. dropped their price objective on Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. BTIG Research downgraded shares of Piedmont Lithium from a “buy” rating to a “neutral” rating in a report on Friday, February 23rd. TD Cowen downgraded shares of Piedmont Lithium from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $55.00 to $20.00 in a report on Monday, January 29th. Finally, BMO Capital Markets initiated coverage on shares of Piedmont Lithium in a report on Friday, February 16th. They issued a “market perform” rating and a $20.00 target price for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $65.67.

Piedmont Lithium Price Performance

Shares of PLL opened at $13.51 on Tuesday. The firm has a fifty day moving average price of $13.46 and a 200 day moving average price of $21.96. The stock has a market cap of $261.57 million, a PE ratio of -11.75 and a beta of 0.77. Piedmont Lithium has a 1-year low of $11.27 and a 1-year 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) earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($1.61). The company had revenue of ($7.31) million for the quarter, compared to analysts’ expectations of $32.76 million. As a group, equities analysts expect that Piedmont Lithium will post -0.43 EPS for the current fiscal year.

Institutional Investors Weigh In On Piedmont Lithium

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors increased its position in Piedmont Lithium by 7.9% during the second quarter. Captrust Financial Advisors now owns 2,038 shares of the mineral exploration company’s stock worth $74,000 after purchasing an additional 150 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Piedmont Lithium by 1.1% during the 4th quarter. Legal & General Group Plc now owns 13,934 shares of the mineral exploration company’s stock worth $613,000 after buying an additional 154 shares during the last quarter. Williams Jones Wealth Management LLC. raised its position in shares of Piedmont Lithium by 0.8% in the 1st quarter. Williams Jones Wealth Management LLC. now owns 23,352 shares of the mineral exploration company’s stock worth $1,402,000 after buying an additional 187 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Piedmont Lithium by 2.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,455 shares of the mineral exploration company’s stock valued at $568,000 after acquiring an additional 194 shares during the last quarter. Finally, Royal Bank of Canada boosted its holdings in Piedmont Lithium by 4.3% in the second quarter. Royal Bank of Canada now owns 7,224 shares of the mineral exploration company’s stock valued at $417,000 after acquiring an additional 295 shares during the last quarter. Hedge funds and other institutional investors own 52.23% of the company’s stock.

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.