Piedmont Lithium (NASDAQ:PLL) Receives “Buy” Rating from DA Davidson

DA Davidson reaffirmed their buy rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research report released on Tuesday, Benzinga reports. The brokerage currently has a $60.00 price objective on the mineral exploration company’s stock.

PLL has been the topic of several other research reports. BTIG Research downgraded Piedmont Lithium from a buy rating to a neutral rating in a research note on Friday, February 23rd. BMO Capital Markets initiated coverage on Piedmont Lithium in a report on Friday, February 16th. They set a market perform rating and a $20.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on Piedmont Lithium from $25.00 to $15.00 and set a neutral rating for the company in a research note on Thursday, February 8th. Finally, TD Cowen cut Piedmont Lithium from an outperform rating to a market perform rating and lowered their price target 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 three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $65.67.

Piedmont Lithium Trading Down 8.5 %

Piedmont Lithium stock opened at $13.43 on Tuesday. The firm has a 50 day simple moving average of $13.48 and a 200 day simple moving average of $22.02. The firm has a market capitalization of $260.00 million, a price-to-earnings ratio of -11.68 and a beta of 0.78. Piedmont Lithium has a 1-year low of $11.27 and a 1-year high of $65.72.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) EPS for the quarter, missing the consensus estimate 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. On average, equities research analysts forecast that Piedmont Lithium will post -0.43 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its position in Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after purchasing an additional 796 shares during the last quarter. ICA Group Wealth Management LLC purchased a new stake in shares of Piedmont Lithium during the 4th quarter valued at about $28,000. Geneos Wealth Management Inc. bought a new position in shares of Piedmont Lithium in the 1st quarter valued at about $36,000. Money Concepts Capital Corp purchased a new position in Piedmont Lithium in the fourth quarter worth about $37,000. Finally, Point72 Middle East FZE bought a new stake in Piedmont Lithium during the fourth quarter worth approximately $38,000. 52.23% of the stock is owned by hedge funds and other 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.