Piedmont Lithium’s (PLL) Buy Rating Reaffirmed at DA Davidson

DA Davidson reaffirmed their buy rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has a $60.00 target price on the mineral exploration company’s stock.

Several other research firms have also recently issued reports on PLL. BMO Capital Markets assumed coverage on Piedmont Lithium in a research report on Friday, February 16th. They issued a market perform rating and a $20.00 price objective on the stock. JPMorgan Chase & Co. lowered their price target on Piedmont Lithium from $25.00 to $15.00 and set a neutral rating on the stock in a report on Thursday, February 8th. TD Cowen cut Piedmont Lithium from an outperform rating to a market perform rating and lowered their price target for the company from $55.00 to $20.00 in a report on Monday, January 29th. Finally, BTIG Research cut Piedmont Lithium from a buy rating to a neutral rating in a report on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Piedmont Lithium currently has an average rating of Hold and an average target price of $65.67.

Piedmont Lithium Trading Down 6.7 %

PLL stock opened at $11.61 on Tuesday. The stock has a market capitalization of $224.77 million, a PE ratio of -10.10 and a beta of 0.77. Piedmont Lithium has a 12-month low of $11.27 and a 12-month high of $65.72. The stock’s 50 day simple moving average is $13.36 and its 200 day simple moving average is $21.71.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($1.61). The company had revenue of ($7.31) million during the quarter, compared to analyst estimates of $32.76 million. On average, research analysts predict that Piedmont Lithium will post -0.43 earnings per share for the current year.

Hedge Funds Weigh In On Piedmont Lithium

Institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in Piedmont Lithium by 107.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock worth $11,012,000 after purchasing an additional 201,881 shares during the period. Invesco Ltd. raised its holdings in Piedmont Lithium by 11.3% in the 3rd quarter. Invesco Ltd. now owns 570,392 shares of the mineral exploration company’s stock worth $22,645,000 after purchasing an additional 58,012 shares during the period. SG Americas Securities LLC raised its holdings in Piedmont Lithium by 83.5% in the 4th quarter. SG Americas Securities LLC now owns 23,542 shares of the mineral exploration company’s stock worth $665,000 after purchasing an additional 10,713 shares during the period. Vanguard Group Inc. increased its stake in Piedmont Lithium by 4.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,021,517 shares of the mineral exploration company’s stock worth $40,554,000 after buying an additional 44,335 shares in the last quarter. Finally, Boston Partners increased its stake in Piedmont Lithium by 251.4% in the 3rd quarter. Boston Partners now owns 71,453 shares of the mineral exploration company’s stock worth $2,837,000 after buying an additional 51,118 shares in the last quarter. 52.23% of the stock is 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.