Piedmont Lithium Inc. (NASDAQ:PLL) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have been given a consensus recommendation of “Hold” by the eight research firms that are covering the stock, Marketbeat Ratings 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 target among analysts that have issued a report on the stock in the last year is $25.61.

Several analysts have issued reports on the company. Macquarie reissued a “neutral” rating and issued a $9.30 price target on shares of Piedmont Lithium in a research note on Monday. Roth Mkm reissued a “buy” rating and issued a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. B. Riley dropped their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday. Finally, BMO Capital Markets dropped their price target on 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.

Hedge Funds Weigh In On Piedmont Lithium

Several hedge funds and other institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its position in Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock worth $27,000 after acquiring an additional 796 shares in the last quarter. ICA Group Wealth Management LLC acquired a new position in shares of Piedmont Lithium during the 4th quarter worth about $28,000. Principal Financial Group Inc. raised its holdings in shares of Piedmont Lithium by 0.3% in 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 period. PNC Financial Services Group Inc. lifted its stake in Piedmont Lithium by 143.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock valued at $73,000 after purchasing an additional 1,521 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in Piedmont Lithium in the 1st quarter valued at about $25,000. 52.23% of the stock is owned by institutional investors.

Piedmont Lithium Stock Up 8.5 %

Shares of PLL stock opened at $7.69 on Friday. The company has a market capitalization of $148.96 million, a price-to-earnings ratio of -4.05 and a beta of 0.84. Piedmont Lithium has a 12-month low of $6.93 and a 12-month high of $46.66. The firm has a fifty day moving average of $10.24 and a 200-day moving average of $12.40. The company has a quick ratio of 4.57, a current ratio of 2.32 and a debt-to-equity ratio of 0.01.

Piedmont Lithium (NASDAQ:PLL) last released 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 during the quarter, compared to analysts’ expectations of $14.89 million. During the same period in the previous year, the business posted ($0.55) EPS. As a group, equities research analysts predict that Piedmont Lithium will post -1.33 earnings per share for the current fiscal year.

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.