Piedmont Lithium (NASDAQ:PLL) Downgraded by Roth Mkm to “Neutral”

Roth Mkm cut shares of Piedmont Lithium (NASDAQ:PLL) from a buy rating to a neutral rating in a report published on Wednesday morning, MarketBeat.com reports. The brokerage currently has $13.00 target price on the mineral exploration company’s stock, down from their prior target price of $32.00.

Other equities analysts have also issued reports about the stock. Macquarie lowered shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price objective on the stock. in a research report on Wednesday, October 16th. B. Riley dropped their price objective on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. BMO Capital Markets increased their price objective on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.50.

Piedmont Lithium Stock Performance

NASDAQ PLL opened at $13.28 on Wednesday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. The firm’s fifty day moving average price is $11.42 and its two-hundred day moving average price is $10.94. Piedmont Lithium has a 1 year low of $6.57 and a 1 year high of $31.82. The firm has a market capitalization of $258.16 million, a P/E ratio of -3.25 and a beta of 0.74.

Hedge Funds Weigh In On Piedmont Lithium

A number of hedge funds have recently bought and sold shares of PLL. National Bank of Canada FI grew its stake in Piedmont Lithium by 2,095.4% during the third quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after buying an additional 2,724 shares in the last quarter. FMR LLC grew its stake in Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after buying an additional 936 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Piedmont Lithium during the second quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Piedmont Lithium during the second quarter worth about $58,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in Piedmont Lithium during the first quarter worth about $71,000. 52.23% of the stock is owned by institutional investors.

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.