Piedmont Lithium (NASDAQ:PLL) Rating Lowered to “Hold” at Roth Capital

Piedmont Lithium (NASDAQ:PLL) was downgraded by research analysts at Roth Capital from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the stock. Macquarie lowered shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price for the company. in a research note on Wednesday, October 16th. Roth Mkm cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and reduced their target price for the company from $32.00 to $13.00 in a research note on Wednesday. B. Riley decreased their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. BMO Capital Markets increased their price target on Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.69.

Piedmont Lithium Stock Performance

Shares of PLL stock opened at $10.47 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a 1-year low of $6.57 and a 1-year high of $31.82. The stock’s fifty day simple moving average is $11.21 and its 200-day simple moving average is $10.93. The company has a market capitalization of $203.54 million, a price-to-earnings ratio of -2.56 and a beta of 0.74.

Institutional Trading of Piedmont Lithium

Several institutional investors have recently bought and sold shares of PLL. FMR LLC lifted its holdings in shares of Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after acquiring an additional 936 shares during the period. National Bank of Canada FI lifted its holdings in Piedmont Lithium by 2,095.4% during the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after buying an additional 2,724 shares in the last quarter. HITE Hedge Asset Management LLC boosted its position in Piedmont Lithium by 2.9% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock valued at $1,366,000 after buying an additional 4,345 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Piedmont Lithium in the 2nd quarter valued at $47,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in shares of Piedmont Lithium during the first quarter worth $71,000. Institutional investors and hedge funds 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.