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

Piedmont Lithium Inc. (NASDAQ:PLL) has been given an average recommendation of “Hold” by the eight analysts that are currently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $24.69.

Several analysts have weighed in on the company. Macquarie reiterated a “neutral” rating and issued a $9.30 price objective on shares of Piedmont Lithium in a research report on Monday, August 12th. BMO Capital Markets decreased their target price on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating for the company in a report on Friday. Roth Mkm restated a “buy” rating and set a $40.00 target price (down previously from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Finally, B. Riley decreased their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th.

Institutional Investors Weigh In On Piedmont Lithium

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLL. GAMMA Investing LLC purchased a new stake in Piedmont Lithium in the fourth quarter worth $34,000. Principal Financial Group Inc. grew its stake in shares of Piedmont Lithium by 0.3% in the fourth quarter. Principal Financial Group Inc. now owns 361,625 shares of the mineral exploration company’s stock worth $10,209,000 after acquiring an additional 1,232 shares during the last quarter. Norges Bank purchased a new stake in shares of Piedmont Lithium in the fourth quarter worth $7,148,000. Quest Partners LLC purchased a new stake in shares of Piedmont Lithium in the fourth quarter worth $308,000. Finally, Scarborough Advisors LLC purchased a new stake in shares of Piedmont Lithium in the fourth quarter worth $98,000. 52.23% of the stock is owned by hedge funds and other institutional investors.

Piedmont Lithium Stock Performance

Shares of PLL stock opened at $6.87 on Tuesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $46.33. The stock has a 50 day moving average price of $9.37 and a two-hundred day moving average price of $11.63. The company has a market capitalization of $133.07 million, a P/E ratio of -3.62 and a beta of 0.80.

Piedmont Lithium (NASDAQ:PLL) last announced its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The business had revenue of $13.23 million during the quarter, compared to analysts’ expectations of $14.89 million. During the same period in the prior year, the firm earned ($0.55) EPS. Analysts expect that Piedmont Lithium will post -2.26 earnings per share for the current year.

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.