Piedmont Lithium (NASDAQ:PLL) Announces Earnings Results, Misses Estimates By $0.40 EPS

Piedmont Lithium (NASDAQ:PLL) released its quarterly earnings data on Tuesday. The mineral exploration company reported ($0.86) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.40), reports. The firm had revenue of $27.66 million for the quarter, compared to the consensus estimate of $32.91 million.

Piedmont Lithium Trading Down 10.5 %

PLL opened at $11.95 on Friday. The stock has a market cap of $232.31 million, a price-to-earnings ratio of -2.92 and a beta of 0.74. Piedmont Lithium has a one year low of $6.57 and a one year high of $31.82. The stock’s 50 day moving average price is $10.83 and its 200-day moving average price is $10.97. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 1.99.

Institutional Trading of Piedmont Lithium

Several large investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Piedmont Lithium by 38.7% in the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after purchasing an additional 936 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Piedmont Lithium during the 1st quarter worth $25,000. Point72 DIFC Ltd acquired a new position in shares of Piedmont Lithium during the 2nd quarter valued at about $47,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Piedmont Lithium in the first quarter valued at about $71,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Piedmont Lithium during the second quarter worth about $58,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PLL. BMO Capital Markets lifted their price objective on Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a report on Tuesday, October 29th. Macquarie downgraded Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price target for the company. in a report on Wednesday, October 16th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. B. Riley dropped their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $31.00 price objective (down from $40.00) on shares of Piedmont Lithium in a research note on Wednesday, October 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $22.26.

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.