Piedmont Lithium (NASDAQ:PLL) PT Lowered to $20.00 at B. Riley

Piedmont Lithium (NASDAQ:PLL) had its price target trimmed by B. Riley from $26.00 to $20.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a buy rating on the mineral exploration company’s stock.

A number of other equities research analysts also recently weighed in on PLL. Roth Mkm reaffirmed a buy rating and set a $40.00 price target (down from $61.00) on shares of Piedmont Lithium in a research note on Friday. Macquarie reissued a neutral rating and issued a $9.30 target price on shares of Piedmont Lithium in a research report on Monday. BMO Capital Markets dropped their price target on shares of Piedmont Lithium from $28.00 to $15.00 and set a market perform rating on the stock in a research note on Friday, July 26th. Finally, DA Davidson reaffirmed a buy rating and issued a $60.00 price objective on shares of Piedmont Lithium in a research note on Tuesday, April 16th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $25.61.

Piedmont Lithium Stock Performance

PLL stock opened at $7.41 on Monday. The firm has a 50 day simple moving average of $10.54 and a 200 day simple moving average of $12.54. Piedmont Lithium has a 52 week low of $7.32 and a 52 week high of $46.66. The stock has a market cap of $143.53 million, a P/E ratio of -3.86 and a beta of 0.84.

Piedmont Lithium (NASDAQ:PLL) last issued its earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The business had revenue of $13.23 million for the quarter, compared to the consensus estimate of $14.89 million. During the same period in the prior year, the business earned ($0.55) earnings per share. Sell-side analysts predict that Piedmont Lithium will post -1.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PLL. CWM LLC increased its position in Piedmont Lithium by 40.3% in the 4th quarter. CWM LLC now owns 87,851 shares of the mineral exploration company’s stock worth $2,480,000 after buying an additional 25,241 shares during the period. GAMMA Investing LLC bought a new position in Piedmont Lithium during the fourth quarter worth $34,000. Principal Financial Group Inc. raised its stake in Piedmont Lithium by 0.3% during the 4th quarter. Principal Financial Group Inc. now owns 361,625 shares of the mineral exploration company’s stock valued at $10,209,000 after purchasing an additional 1,232 shares during the last quarter. Norges Bank acquired a new position in Piedmont Lithium during the 4th quarter valued at $7,148,000. Finally, Quest Partners LLC bought a new stake in Piedmont Lithium in the 4th quarter valued at $308,000. Institutional investors and hedge funds 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.