Piedmont Lithium (NASDAQ:PLL) Stock Price Up 5.4% on Analyst Upgrade

Piedmont Lithium Limited (NASDAQ:PLL) rose 5.4% on Thursday after Evercore ISI raised their price target on the stock from $75.00 to $95.00. Evercore ISI currently has an outperform rating on the stock. Piedmont Lithium traded as high as $73.49 and last traded at $73.49. Approximately 12,058 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 1,006,955 shares. The stock had previously closed at $69.72.

Other equities research analysts also recently issued research reports about the stock. BTIG Research upped their target price on shares of Piedmont Lithium from $40.00 to $85.00 in a research note on Monday, March 29th. Clarkson Capital began coverage on shares of Piedmont Lithium in a research note on Wednesday, May 5th. They issued a “buy” rating and a $86.00 target price for the company. Zacks Investment Research raised shares of Piedmont Lithium from a “sell” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. began coverage on shares of Piedmont Lithium in a research note on Tuesday, May 4th. They issued an “overweight” rating and a $86.00 target price for the company. Finally, Roth Capital upped their target price on shares of Piedmont Lithium from $39.00 to $81.00 and gave the company a “buy” rating in a research note on Friday, April 9th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Piedmont Lithium has an average rating of “Buy” and a consensus target price of $77.38.

Several hedge funds have recently modified their holdings of PLL. Creative Planning bought a new stake in shares of Piedmont Lithium during the fourth quarter worth $247,000. BlackRock Inc. bought a new stake in shares of Piedmont Lithium during the fourth quarter worth $192,000. Van ECK Associates Corp bought a new stake in shares of Piedmont Lithium during the fourth quarter worth $5,103,000. Wells Fargo & Company MN increased its position in shares of Piedmont Lithium by 223.3% during the fourth quarter. Wells Fargo & Company MN now owns 970 shares of the mineral exploration company’s stock worth $26,000 after acquiring an additional 670 shares in the last quarter. Finally, U S Global Investors Inc. bought a new stake in shares of Piedmont Lithium during the fourth quarter worth $664,000. 10.83% of the stock is owned by institutional investors.

The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -107.53 and a beta of 0.35. The business’s 50-day simple moving average is $66.58.

About Piedmont Lithium (NASDAQ:PLL)

Piedmont Lithium Limited engages in the exploration and development of resource projects in the United States. The company primarily holds a 100% interest in the Piedmont lithium project covering a landholding of 2,126 acres in the North Carolina, the United States. It also owns a 61-acre property in Kings Mountain, North Carolina.

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