Piedmont Lithium's (PLL) "Buy" Rating Reaffirmed at Roth Mkm

Piedmont Lithium (NASDAQ:PLL - Get Free Report)'s stock had its "buy" rating restated by investment analysts at Roth Mkm in a research report issued on Wednesday, Benzinga reports. They currently have a $31.00 price target on the mineral exploration company's stock, down from their previous price target of $40.00. Roth Mkm's target price indicates a potential upside of 133.08% from the company's current price.

A number of other brokerages have also commented on PLL. B. Riley decreased their price target on shares of Piedmont Lithium from $26.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, August 12th. BMO Capital Markets increased their target price on Piedmont Lithium from $8.50 to $9.00 and gave the company a "market perform" rating in a research note on Tuesday. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Finally, Macquarie lowered Piedmont Lithium from a "neutral" rating to an "underperform" rating and set a $7.80 price objective on the stock. in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $22.26.

Piedmont Lithium Price Performance

Shares of Piedmont Lithium stock remained flat at $13.30 during trading hours on Wednesday. The stock had a trading volume of 1,135,533 shares, compared to its average volume of 704,636. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. Piedmont Lithium has a 52-week low of $6.57 and a 52-week high of $31.82. The company has a market cap of $258.41 million, a price-to-earnings ratio of -6.52 and a beta of 0.81. The business has a 50 day moving average price of $9.85 and a two-hundred day moving average price of $10.94.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last posted its earnings results 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 company had revenue of $13.23 million for the quarter, compared to analyst estimates of $14.89 million. During the same quarter in the previous year, the business earned ($0.55) earnings per share. On average, research analysts forecast that Piedmont Lithium will post -2.58 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PLL. Point72 DIFC Ltd purchased a new stake in Piedmont Lithium in the second quarter worth $47,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Piedmont Lithium in the 2nd quarter worth about $723,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Piedmont Lithium during the 2nd quarter valued at about $58,000. Point72 Asset Management L.P. increased its position in shares of Piedmont Lithium by 20.0% during the second quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company's stock valued at $2,994,000 after buying an additional 50,000 shares during the period. Finally, Millennium Management LLC raised its stake in 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. Hedge funds and other 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.