B. Riley Cuts Piedmont Lithium (NASDAQ:PLL) Price Target to $20.00

Piedmont Lithium (NASDAQ:PLL) had its target price dropped by investment analysts at B. Riley from $26.00 to $20.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the mineral exploration company’s stock. B. Riley’s target price suggests a potential upside of 158.06% from the stock’s previous close.

Several other analysts have also recently commented on the company. Macquarie restated a “neutral” rating and set a $9.30 target price on shares of Piedmont Lithium in a report on Monday. DA Davidson reissued a “buy” rating and issued a $60.00 price target on shares of Piedmont Lithium in a report on Tuesday, April 16th. Roth Mkm reaffirmed a “buy” rating and set a $40.00 price objective (down previously from $61.00) on shares of Piedmont Lithium in a report on Friday. Finally, BMO Capital Markets reduced their target price on shares of Piedmont Lithium from $28.00 to $15.00 and set a “market perform” rating on the stock in a research note on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $25.61.

Piedmont Lithium Price Performance

Shares of Piedmont Lithium stock traded down $0.55 during midday trading on Monday, hitting $7.75. 332,424 shares of the company were exchanged, compared to its average volume of 642,392. The firm has a 50 day simple moving average of $10.65 and a 200-day simple moving average of $12.61. The firm has a market cap of $150.12 million, a P/E ratio of -4.08 and a beta of 0.84. Piedmont Lithium has a 52 week low of $7.65 and a 52 week high of $46.66.

Piedmont Lithium (NASDAQ:PLL) last posted its earnings results on Thursday, May 9th. The mineral exploration company reported ($0.61) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.07). The firm had revenue of $13.40 million for the quarter, compared to the consensus estimate of $13.77 million. Equities research analysts expect that Piedmont Lithium will post -1.33 earnings per share for the current year.

Hedge Funds Weigh In On Piedmont Lithium

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of Piedmont Lithium in the first quarter worth about $25,000. GAMMA Investing LLC boosted its holdings 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 valued at $27,000 after buying an additional 796 shares during the period. ICA Group Wealth Management LLC bought a new stake in shares of Piedmont Lithium during the fourth quarter worth $28,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of Piedmont Lithium during the first quarter worth $71,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of 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 purchasing an additional 1,521 shares during the period. 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.