BMO Capital Markets Trims Piedmont Lithium (NASDAQ:PLL) Target Price to $8.50

Piedmont Lithium (NASDAQ:PLL) had its price target cut by equities research analysts at BMO Capital Markets from $15.00 to $8.50 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “market perform” rating on the mineral exploration company’s stock. BMO Capital Markets’ price target points to a potential upside of 13.94% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Macquarie reaffirmed a “neutral” rating and set a $9.30 price target on shares of Piedmont Lithium in a research report on Monday, August 12th. B. Riley reduced their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a research report on Friday, August 9th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.69.

Piedmont Lithium Price Performance

Shares of PLL opened at $7.46 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. The stock has a 50 day simple moving average of $9.50 and a 200 day simple moving average of $11.77. Piedmont Lithium has a 52-week low of $6.93 and a 52-week high of $46.33. The firm has a market capitalization of $144.50 million, a PE ratio of -3.93 and a beta of 0.80.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The company had revenue of $13.23 million during the quarter, compared to analyst estimates of $14.89 million. During the same period in the previous year, the company earned ($0.55) EPS. Sell-side analysts predict that Piedmont Lithium will post -2.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Piedmont Lithium

Institutional investors and hedge funds have recently made changes to their positions in the stock. Headlands Technologies LLC bought a new stake in Piedmont Lithium in the 1st quarter valued at $25,000. GAMMA Investing LLC raised its stake in Piedmont Lithium by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after acquiring an additional 796 shares during the period. ICA Group Wealth Management LLC bought a new stake in Piedmont Lithium in the 4th quarter valued at $28,000. Point72 DIFC Ltd bought a new stake in Piedmont Lithium in the 2nd quarter valued at $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Piedmont Lithium in the 2nd quarter valued at $58,000. Institutional investors own 52.23% of the company’s stock.

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.