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

Piedmont Lithium Inc. (NASDAQ:PLL) has been given a consensus rating of “Hold” by the eight brokerages that are presently covering the firm, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $24.69.

A number of brokerages have weighed in on PLL. Macquarie reiterated a “neutral” rating and issued a $9.30 price target on shares of Piedmont Lithium in a research report on Monday, August 12th. BMO Capital Markets decreased their price objective on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating for the company in a research report on Friday. Roth Mkm reiterated 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. Finally, B. Riley dropped their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th.

Piedmont Lithium Price Performance

Shares of NASDAQ:PLL opened at $6.68 on Tuesday. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.01. The business has a 50 day moving average price of $9.43 and a 200 day moving average price of $11.70. The company has a market cap of $129.38 million, a price-to-earnings ratio of -3.52 and a beta of 0.80. Piedmont Lithium has a twelve month low of $6.57 and a twelve month high of $46.33.

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

Institutional Trading of Piedmont Lithium

Institutional investors have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Piedmont Lithium during the fourth quarter worth approximately $7,148,000. Scarborough Advisors LLC acquired a new position in Piedmont Lithium in the 4th quarter valued at $98,000. Boston Partners lifted its position in shares of Piedmont Lithium by 154.5% during the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock valued at $2,266,000 after acquiring an additional 103,273 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Piedmont Lithium by 49.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company’s stock worth $254,000 after purchasing an additional 6,328 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position 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 purchasing an additional 1,232 shares during the period. 52.23% of the stock is currently 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.