Analysts Set Piedmont Lithium Inc. (NASDAQ:PLL) Target Price at $20.63

Shares of Piedmont Lithium Inc. (NASDAQ:PLL - Get Free Report) have earned an average rating of "Hold" from the seven ratings firms that are presently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $20.63.

A number of research analysts have recently weighed in on the company. Roth Capital cut Piedmont Lithium from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, November 20th. BMO Capital Markets lifted their target price on shares of Piedmont Lithium from $9.50 to $14.00 and gave the company a "market perform" rating in a research note on Friday, November 29th. Roth Mkm lowered their price target on Piedmont Lithium from $13.00 to $8.25 and set a "neutral" rating on the stock in a report on Friday, February 21st. Finally, Macquarie raised shares of Piedmont Lithium from a "hold" rating to a "strong-buy" rating in a report on Friday, December 6th.

Piedmont Lithium Stock Performance

Piedmont Lithium stock traded down $0.11 during mid-day trading on Tuesday, reaching $7.10. 317,430 shares of the stock traded hands, compared to its average volume of 280,993. Piedmont Lithium has a 12-month low of $6.57 and a 12-month high of $17.66. The business's 50-day moving average is $8.64 and its 200-day moving average is $9.86. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.23 and a quick ratio of 1.99. The stock has a market capitalization of $138.01 million, a PE ratio of -2.14 and a beta of 0.78.

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Piedmont Lithium (NASDAQ:PLL - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The mineral exploration company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.12). Piedmont Lithium had a negative net margin of 64.84% and a negative return on equity of 17.74%. The firm had revenue of $45.59 million for the quarter, compared to the consensus estimate of $52.60 million. As a group, sell-side analysts predict that Piedmont Lithium will post -0.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other Piedmont Lithium news, CEO Keith D. Phillips sold 41,867 shares of Piedmont Lithium stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total transaction of $515,382.77. Following the completion of the transaction, the chief executive officer now directly owns 170,616 shares of the company's stock, valued at $2,100,282.96. The trade was a 19.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.81% of the company's stock.

Hedge Funds Weigh In On Piedmont Lithium

A number of large investors have recently added to or reduced their stakes in the company. Two Sigma Investments LP grew its holdings in Piedmont Lithium by 108.1% in the fourth quarter. Two Sigma Investments LP now owns 25,027 shares of the mineral exploration company's stock worth $219,000 after purchasing an additional 13,000 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Piedmont Lithium by 187.8% in the 4th quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company's stock worth $2,622,000 after purchasing an additional 195,756 shares in the last quarter. Millennium Management LLC purchased a new position in Piedmont Lithium during the 4th quarter worth $240,000. Deutsche Bank AG increased its position in Piedmont Lithium by 31.9% during the 4th quarter. Deutsche Bank AG now owns 9,707 shares of the mineral exploration company's stock valued at $85,000 after buying an additional 2,348 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in Piedmont Lithium in the fourth quarter valued at about $41,000. 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.