Roth Capital Expects Reduced Earnings for Piedmont Lithium

Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) - Equities research analysts at Roth Capital cut their Q3 2024 EPS estimates for shares of Piedmont Lithium in a note issued to investors on Wednesday, October 30th. Roth Capital analyst J. Reagor now forecasts that the mineral exploration company will earn ($0.26) per share for the quarter, down from their previous estimate of ($0.24). The consensus estimate for Piedmont Lithium's current full-year earnings is ($2.57) per share. Roth Capital also issued estimates for Piedmont Lithium's Q4 2024 earnings at ($0.23) EPS, FY2024 earnings at ($2.40) EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at ($0.06) EPS and FY2025 earnings at ($0.02) EPS.

Several other brokerages also recently weighed in on PLL. BMO Capital Markets lifted their price target on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a "market perform" rating in a report on Tuesday. Roth Mkm restated a "buy" rating and issued a $31.00 price target (down from $40.00) on shares of Piedmont Lithium in a research note on Wednesday. B. Riley cut their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, August 12th. Macquarie downgraded Piedmont Lithium from a "neutral" rating to an "underperform" rating and set a $7.80 price objective on the stock. in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. restated an "underweight" rating and set a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $22.26.

Piedmont Lithium Stock Performance

PLL stock traded up $0.27 during trading on Friday, reaching $13.37. The stock had a trading volume of 675,582 shares, compared to its average volume of 704,712. Piedmont Lithium has a 52 week low of $6.57 and a 52 week high of $31.82. The firm has a market cap of $259.78 million, a PE ratio of -6.89 and a beta of 0.81. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01. The stock's 50 day moving average is $9.94 and its two-hundred day moving average is $10.95.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.53). The business had revenue of $13.23 million for the quarter, compared to analyst estimates of $14.89 million. During the same period in the prior year, the company posted ($0.55) EPS.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new stake in Piedmont Lithium during the first quarter valued at approximately $25,000. PNC Financial Services Group Inc. lifted its holdings in shares of Piedmont Lithium by 143.6% during 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 last quarter. Point72 DIFC Ltd purchased a new stake in shares of Piedmont Lithium during the 2nd quarter valued at $47,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of Piedmont Lithium in the 1st quarter worth $71,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Piedmont Lithium during the 2nd quarter worth $58,000. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

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.