Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Rating of "Hold" from Analysts

Piedmont Lithium Inc. (NASDAQ:PLL - Get Free Report) has earned an average recommendation of "Hold" from the eight research firms that are covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $23.47.

Several research analysts have recently commented on PLL shares. Roth Mkm restated a "buy" rating and set a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Macquarie lowered Piedmont Lithium from a "neutral" rating to an "underperform" rating and set a $7.80 target price on the stock. in a report on Wednesday, October 16th. BMO Capital Markets decreased their price target on Piedmont Lithium from $15.00 to $8.50 and set a "market perform" rating for the company in a research note on Friday, September 6th. B. Riley cut their price objective on Piedmont Lithium from $26.00 to $20.00 and set a "buy" rating on the stock in a research note on Monday, August 12th. Finally, JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $8.00 target price (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday.

Piedmont Lithium Stock Down 7.2 %

NASDAQ PLL traded down $0.88 during trading on Wednesday, reaching $11.26. 1,120,268 shares of the company's stock were exchanged, compared to its average volume of 697,148. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $31.82. The company's fifty day simple moving average is $9.30 and its 200-day simple moving average is $10.95. The firm has a market capitalization of $218.78 million, a PE ratio of -5.52 and a beta of 0.81.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last issued its earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) 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 the consensus estimate of $14.89 million. During the same period in the prior year, the business earned ($0.55) earnings per share. Sell-side analysts predict that Piedmont Lithium will post -2.47 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company's stock worth $27,000 after acquiring an additional 796 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Piedmont Lithium by 143.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company's stock valued at $73,000 after buying an additional 1,521 shares in the last quarter. Headlands Technologies LLC bought a new stake in Piedmont Lithium during the first quarter worth about $25,000. Point72 DIFC Ltd acquired a new stake in shares of Piedmont Lithium during the second quarter worth approximately $47,000. Finally, State Board of Administration of Florida Retirement System bought a new position in shares of Piedmont Lithium in the first quarter valued at approximately $71,000. Institutional investors 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.