Roth Capital Reduces Earnings Estimates for Piedmont Lithium

Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) - Stock analysts at Roth Capital dropped their FY2024 earnings per share estimates for shares of Piedmont Lithium in a research report issued to clients and investors on Tuesday, November 12th. Roth Capital analyst J. Reagor now anticipates that the mineral exploration company will earn ($3.02) per share for the year, down from their prior estimate of ($2.40). The consensus estimate for Piedmont Lithium's current full-year earnings is ($2.66) per share. Roth Capital also issued estimates for Piedmont Lithium's Q4 2024 earnings at ($0.25) EPS, Q1 2025 earnings at $0.11 EPS, Q2 2025 earnings at ($0.03) EPS, Q3 2025 earnings at $0.03 EPS and FY2025 earnings at $0.16 EPS.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The mineral exploration company reported ($0.86) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.40). The business had revenue of $27.66 million for the quarter, compared to analyst estimates of $32.91 million.

Several other research analysts have also recently issued reports on the company. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Roth Mkm restated a "buy" rating and issued a $31.00 price objective (down from $40.00) on shares of Piedmont Lithium in a report on Wednesday, October 30th. B. Riley lowered their price objective on shares of Piedmont Lithium from $26.00 to $20.00 and set a "buy" rating for the company in a research note on Monday, August 12th. BMO Capital Markets raised their target price on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a "market perform" rating in a research report on Tuesday, October 29th. Finally, Macquarie cut shares of Piedmont Lithium from a "neutral" rating to an "underperform" rating and set a $7.80 price target for the company. in a research report on Wednesday, October 16th. Two investment 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, the company presently has an average rating of "Hold" and a consensus target price of $22.26.

Piedmont Lithium Trading Down 2.3 %

PLL traded down $0.27 on Friday, reaching $11.68. 508,316 shares of the company traded hands, compared to its average volume of 710,084. The company has a quick ratio of 2.32, a current ratio of 1.99 and a debt-to-equity ratio of 0.01. The company has a market cap of $227.04 million, a P/E ratio of -2.86 and a beta of 0.74. The firm has a fifty day simple moving average of $10.93 and a two-hundred day simple moving average of $10.96. Piedmont Lithium has a one year low of $6.57 and a one year high of $31.82.

Institutional Trading of Piedmont Lithium

A number of hedge funds have recently modified their holdings of PLL. HITE Hedge Asset Management LLC acquired a new position in shares of Piedmont Lithium during the 2nd quarter worth about $1,484,000. Raymond James & Associates purchased a new stake in shares of Piedmont Lithium during the second quarter worth approximately $1,472,000. Boston Partners increased 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 purchasing an additional 103,273 shares in the last quarter. Marshall Wace LLP acquired a new position in Piedmont Lithium in the 2nd quarter valued at $874,000. Finally, Cubist Systematic Strategies LLC purchased a new position in Piedmont Lithium in the 2nd quarter valued at $723,000. 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.