Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Recommendation of "Hold" from Brokerages

Shares of Piedmont Lithium Inc. (NASDAQ:PLL - Get Free Report) have been assigned a consensus rating of "Hold" from the eight ratings firms that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $22.26.

PLL has been the subject of several recent analyst reports. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $8.00 target price (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. 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. B. Riley reduced their target price on 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 price target on Piedmont Lithium from $8.50 to $9.00 and gave the stock a "market perform" rating in a report on Tuesday, October 29th. Finally, Roth Mkm reaffirmed a "buy" rating and set a $31.00 price target (down previously from $40.00) on shares of Piedmont Lithium in a research report on Wednesday, October 30th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLL. Headlands Technologies LLC bought a new stake in Piedmont Lithium during the 1st quarter worth $25,000. National Bank of Canada FI grew its holdings in shares of Piedmont Lithium by 2,095.4% during the third quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company's stock worth $25,000 after purchasing an additional 2,724 shares during the last quarter. FMR LLC grew its holdings in shares of Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company's stock worth $30,000 after purchasing an additional 936 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Piedmont Lithium in the second quarter valued at approximately $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Piedmont Lithium in the 2nd quarter valued at approximately $58,000. Institutional investors own 52.23% of the company's stock.

Piedmont Lithium Trading Down 2.3 %

NASDAQ:PLL traded down $0.27 during mid-day trading on Friday, hitting $11.68. The company had a trading volume of 508,676 shares, compared to its average volume of 924,455. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 1.99. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $31.82. The firm has a market cap of $227.06 million, a P/E ratio of -2.86 and a beta of 0.74. The business's fifty day moving average is $10.93 and its two-hundred day moving average is $10.95.

Piedmont Lithium Company Profile

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.