Piedmont Lithium Inc. (NASDAQ:PLL) to Post Q1 2024 Earnings of ($0.31) Per Share, Roth Capital Forecasts

Piedmont Lithium Inc. (NASDAQ:PLL) – Investment analysts at Roth Capital lowered their Q1 2024 EPS estimates for shares of Piedmont Lithium in a research note issued on Wednesday, April 10th. Roth Capital analyst J. Reagor now forecasts that the mineral exploration company will earn ($0.31) per share for the quarter, down from their prior forecast of ($0.10). The consensus estimate for Piedmont Lithium’s current full-year earnings is ($0.20) per share. Roth Capital also issued estimates for Piedmont Lithium’s Q2 2024 earnings at ($0.06) EPS, Q3 2024 earnings at $0.12 EPS, Q4 2024 earnings at $0.37 EPS, FY2024 earnings at $0.13 EPS and FY2025 earnings at $2.02 EPS.

Other analysts also recently issued reports about the stock. BMO Capital Markets started coverage on shares of Piedmont Lithium in a report on Friday, February 16th. They issued a “market perform” rating and a $20.00 price target for the company. BTIG Research downgraded shares of Piedmont Lithium from a “buy” rating to a “neutral” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. reduced their price objective on shares of Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, February 8th. Finally, TD Cowen downgraded shares of Piedmont Lithium from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $55.00 to $20.00 in a report on Monday, January 29th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $71.67.

Piedmont Lithium Price Performance

Shares of Piedmont Lithium stock opened at $12.68 on Friday. Piedmont Lithium has a fifty-two week low of $11.27 and a fifty-two week high of $65.72. The firm has a fifty day moving average price of $13.42 and a two-hundred day moving average price of $22.59. The company has a market cap of $245.50 million, a PE ratio of -11.03 and a beta of 0.77.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($1.61). The business had revenue of ($7.31) million for the quarter, compared to analysts’ expectations of $32.76 million.

Hedge Funds Weigh In On Piedmont Lithium

Several institutional investors have recently added to or reduced their stakes in PLL. Envestnet Asset Management Inc. bought a new position in Piedmont Lithium during the 1st quarter valued at about $257,000. Citigroup Inc. lifted its holdings in Piedmont Lithium by 112.3% during the 1st quarter. Citigroup Inc. now owns 620 shares of the mineral exploration company’s stock valued at $45,000 after purchasing an additional 328 shares during the last quarter. BlackRock Inc. lifted its holdings in Piedmont Lithium by 11.7% during the 1st quarter. BlackRock Inc. now owns 340,060 shares of the mineral exploration company’s stock valued at $24,822,000 after purchasing an additional 35,614 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Piedmont Lithium by 28.0% during the 1st quarter. Vanguard Group Inc. now owns 743,695 shares of the mineral exploration company’s stock valued at $54,283,000 after purchasing an additional 162,476 shares during the last quarter. Finally, EJF Capital LLC acquired a new stake in Piedmont Lithium in the 1st quarter valued at about $1,095,000. 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.