Piedmont Lithium Inc. (NASDAQ:PLL) Receives Consensus Rating of “Hold” from Analysts

Piedmont Lithium Inc. (NASDAQ:PLL) has been assigned an average rating of “Hold” from the eight analysts that are currently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $25.61.

A number of brokerages have recently issued reports on PLL. B. Riley decreased their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday. Roth Mkm reiterated a “buy” rating and set a $40.00 price objective (down from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Macquarie reissued a “neutral” rating and issued a $9.30 target price on shares of Piedmont Lithium in a research note on Monday. Finally, BMO Capital Markets decreased their price target on shares of Piedmont Lithium from $28.00 to $15.00 and set a “market perform” rating for the company in a research report on Friday, July 26th.

Institutional Trading of Piedmont Lithium

A number of hedge funds and other institutional investors have recently modified their holdings of PLL. Mirae Asset Global Investments Co. Ltd. grew its stake in Piedmont Lithium by 107.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock valued at $11,012,000 after purchasing an additional 201,881 shares in the last quarter. CWM LLC boosted its stake in shares of Piedmont Lithium by 40.3% during the 4th quarter. CWM LLC now owns 87,851 shares of the mineral exploration company’s stock valued at $2,480,000 after buying an additional 25,241 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of Piedmont Lithium during the fourth quarter worth approximately $34,000. Principal Financial Group Inc. increased its stake in shares of Piedmont Lithium by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 361,625 shares of the mineral exploration company’s stock worth $10,209,000 after buying an additional 1,232 shares during the last quarter. Finally, Norges Bank acquired a new stake in Piedmont Lithium in the fourth quarter valued at $7,148,000. 52.23% of the stock is owned by hedge funds and other institutional investors.

Piedmont Lithium Stock Performance

NASDAQ:PLL opened at $7.69 on Friday. The company has a market cap of $148.96 million, a P/E ratio of -4.05 and a beta of 0.84. The firm’s 50 day moving average is $10.24 and its two-hundred day moving average is $12.40. Piedmont Lithium has a fifty-two week low of $6.93 and a fifty-two week high of $46.66. The company has a quick ratio of 4.57, a current ratio of 2.32 and a debt-to-equity ratio of 0.01.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The firm had revenue of $13.23 million during the quarter, compared to analyst estimates of $14.89 million. During the same period last year, the firm posted ($0.55) EPS. Analysts expect that Piedmont Lithium will post -1.33 EPS for the current 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.