BMO Capital Markets Trims Piedmont Lithium (NASDAQ:PLL) Target Price to $8.50

Piedmont Lithium (NASDAQ:PLL) had its price target cut by investment analysts at BMO Capital Markets from $15.00 to $8.50 in a research note issued on Friday, Benzinga reports. The brokerage currently has a “market perform” rating on the mineral exploration company’s stock. BMO Capital Markets’ target price indicates a potential upside of 13.94% from the stock’s current price.

A number of other research firms have also recently issued reports on PLL. B. Riley cut their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Macquarie reaffirmed a “neutral” rating and issued a $9.30 price target on shares of Piedmont Lithium in a report on Monday, August 12th. Finally, Roth Mkm reissued a “buy” rating and set a $40.00 price objective (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $24.69.

Piedmont Lithium Stock Down 5.0 %

Shares of NASDAQ PLL opened at $7.46 on Friday. The stock has a market cap of $144.50 million, a PE ratio of -3.93 and a beta of 0.80. The business has a fifty day moving average of $9.50 and a two-hundred day moving average of $11.77. Piedmont Lithium has a 52-week low of $6.93 and a 52-week high of $46.33. 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 (NASDAQ:PLL) last issued its quarterly earnings data 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 the consensus estimate of $14.89 million. During the same period in the previous year, the firm posted ($0.55) earnings per share. As a group, equities research analysts expect that Piedmont Lithium will post -2.26 earnings per share for the current fiscal year.

Institutional Trading of Piedmont Lithium

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new position in shares of Piedmont Lithium during the 1st quarter worth about $25,000. GAMMA Investing LLC grew its position in shares of Piedmont Lithium by 66.6% during the 1st quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock worth $27,000 after buying an additional 796 shares during the period. ICA Group Wealth Management LLC acquired a new position in shares of Piedmont Lithium during the 4th quarter worth about $28,000. Point72 DIFC Ltd acquired a new position in shares of Piedmont Lithium during the 2nd quarter worth about $47,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Piedmont Lithium during the 2nd quarter worth about $58,000. 52.23% of the stock is owned by institutional investors.

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.