Piedmont Lithium Inc. (NASDAQ:PLL) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have received an average recommendation of “Hold” from the eight brokerages that are covering the firm, Marketbeat reports. Five 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 objective among analysts that have covered the stock in the last year is $25.61.

PLL has been the topic of a number of research reports. Macquarie restated a “neutral” rating and set a $9.30 target price on shares of Piedmont Lithium in a research report on Monday, August 12th. BMO Capital Markets lowered their price objective on shares of Piedmont Lithium from $28.00 to $15.00 and set a “market perform” rating on the stock in a research report on Friday, July 26th. B. Riley reduced their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, Roth Mkm reiterated a “buy” rating and set a $40.00 target price (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th.

Hedge Funds Weigh In On Piedmont Lithium

Several hedge funds have recently bought and sold shares of PLL. ICA Group Wealth Management LLC purchased a new position in Piedmont Lithium in the 4th quarter valued at about $28,000. GAMMA Investing LLC purchased a new stake in shares of Piedmont Lithium in the fourth quarter valued at $34,000. Headlands Technologies LLC acquired a new position in Piedmont Lithium in the first quarter valued at $25,000. PNC Financial Services Group Inc. lifted its position in Piedmont Lithium by 143.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock worth $73,000 after buying an additional 1,521 shares during the period. Finally, Scarborough Advisors LLC acquired a new stake in Piedmont Lithium in the 4th quarter worth about $98,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Price Performance

Shares of PLL opened at $8.24 on Tuesday. The firm has a fifty day moving average price of $9.63 and a 200 day moving average price of $11.87. The stock has a market cap of $159.60 million, a PE ratio of -4.34 and a beta of 0.84. Piedmont Lithium has a 1-year low of $6.93 and a 1-year high of $46.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.32 and a quick ratio of 2.32.

Piedmont Lithium (NASDAQ:PLL) last announced its earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 period in the previous year, the business posted ($0.55) earnings per share. As a group, sell-side analysts anticipate that Piedmont Lithium will post -2.26 EPS for the current year.

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.