BMO Capital Markets Raises Piedmont Lithium (NASDAQ:PLL) Price Target to $9.00

Piedmont Lithium (NASDAQ:PLL - Free Report) had its price objective boosted by BMO Capital Markets from $8.50 to $9.00 in a research report released on Tuesday morning, Benzinga reports. They currently have a market perform rating on the mineral exploration company's stock.

Several other research analysts also recently issued reports on the stock. Macquarie downgraded shares of Piedmont Lithium from a "neutral" rating to an "underperform" rating and set a $7.80 target price on the stock. in a research note on Wednesday, October 16th. B. Riley lowered their price objective on Piedmont Lithium from $26.00 to $20.00 and set a "buy" rating on the stock in a research report on Monday, August 12th. JPMorgan Chase & Co. reiterated an "underweight" rating and set a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Finally, Roth Mkm restated a "buy" rating and issued a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $23.54.

Piedmont Lithium Stock Down 2.5 %

PLL stock traded down $0.34 during midday trading on Tuesday, hitting $13.30. The stock had a trading volume of 976,010 shares, compared to its average volume of 702,530. The business has a 50-day moving average of $9.77 and a two-hundred day moving average of $10.92. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.32 and a quick ratio of 2.32. The firm has a market cap of $258.42 million, a price-to-earnings ratio of -6.52 and a beta of 0.81. Piedmont Lithium has a 52-week low of $6.57 and a 52-week high of $31.82.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The company had revenue of $13.23 million for the quarter, compared to analyst estimates of $14.89 million. During the same quarter in the prior year, the firm earned ($0.55) earnings per share. As a group, equities research analysts forecast that Piedmont Lithium will post -2.58 earnings per share for the current fiscal year.

Institutional Trading of Piedmont Lithium

Several institutional investors and hedge funds have recently modified their holdings of the company. Point72 Asset Management L.P. raised its stake in Piedmont Lithium by 20.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company's stock valued at $2,994,000 after purchasing an additional 50,000 shares during the period. Cubist Systematic Strategies LLC bought a new stake in shares of Piedmont Lithium during the second quarter valued at approximately $723,000. Millennium Management LLC lifted its holdings in shares of Piedmont Lithium by 12.0% in the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company's stock worth $3,805,000 after buying an additional 40,826 shares in the last quarter. Boston Partners boosted its position in shares of Piedmont Lithium by 154.5% during the first quarter. Boston Partners now owns 170,097 shares of the mineral exploration company's stock worth $2,266,000 after acquiring an additional 103,273 shares during the last quarter. Finally, Marshall Wace LLP purchased a new position in Piedmont Lithium during the second quarter valued at $874,000. 52.23% of the stock is currently owned by 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.