Piedmont Lithium’s (PLL) “Buy” Rating Reaffirmed at DA Davidson

Piedmont Lithium (NASDAQ:PLL)‘s stock had its “buy” rating reissued by equities research analysts at DA Davidson in a note issued to investors on Tuesday, Benzinga reports. They currently have a $60.00 target price on the mineral exploration company’s stock. DA Davidson’s target price suggests a potential upside of 344.12% from the company’s current price.

A number of other analysts have also weighed in on the stock. TD Cowen lowered shares of Piedmont Lithium from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $55.00 to $20.00 in a research note on Monday, January 29th. BTIG Research cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. cut their price objective on shares of Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. Finally, BMO Capital Markets started coverage on Piedmont Lithium in a report on Friday, February 16th. They set a “market perform” rating and a $20.00 target price for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $65.67.

Piedmont Lithium Stock Performance

Shares of NASDAQ:PLL opened at $13.51 on Tuesday. The firm’s 50 day simple moving average is $13.46 and its 200-day simple moving average is $21.96. Piedmont Lithium has a one year low of $11.27 and a one year high of $65.72. The firm has a market cap of $261.57 million, a PE ratio of -11.75 and a beta of 0.77.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $32.76 million. Equities research analysts predict that Piedmont Lithium will post -0.43 EPS for the current fiscal year.

Institutional Trading of Piedmont Lithium

A number of institutional investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Piedmont Lithium by 107.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock worth $11,012,000 after buying an additional 201,881 shares during the period. Invesco Ltd. grew its stake in Piedmont Lithium by 11.3% during the 3rd quarter. Invesco Ltd. now owns 570,392 shares of the mineral exploration company’s stock valued at $22,645,000 after purchasing an additional 58,012 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Piedmont Lithium by 83.5% in the fourth quarter. SG Americas Securities LLC now owns 23,542 shares of the mineral exploration company’s stock valued at $665,000 after purchasing an additional 10,713 shares during the period. Vanguard Group Inc. raised its stake in shares of Piedmont Lithium by 4.5% in the third quarter. Vanguard Group Inc. now owns 1,021,517 shares of the mineral exploration company’s stock worth $40,554,000 after purchasing an additional 44,335 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Piedmont Lithium by 251.4% during the third quarter. Boston Partners now owns 71,453 shares of the mineral exploration company’s stock worth $2,837,000 after purchasing an additional 51,118 shares during the period. Institutional investors and hedge funds own 52.23% of the company’s stock.

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.