Piedmont Lithium Inc. (NASDAQ:PLL) Given Average Recommendation of “Hold” by Analysts

Piedmont Lithium Inc. (NASDAQ:PLL) has earned an average rating of “Hold” from the seven analysts that are covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $65.67.

Several analysts recently issued reports on PLL shares. BTIG Research downgraded Piedmont Lithium from a “buy” rating to a “neutral” rating in a research note on Friday, February 23rd. TD Cowen downgraded Piedmont Lithium from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $55.00 to $20.00 in a research note on Monday, January 29th. DA Davidson reiterated a “buy” rating and set a $60.00 target price on shares of Piedmont Lithium in a research report on Tuesday, April 16th. BMO Capital Markets initiated coverage on Piedmont Lithium in a research report on Friday, February 16th. They set a “market perform” rating and a $20.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, February 8th.

Piedmont Lithium Stock Down 7.3 %

NASDAQ:PLL opened at $12.25 on Wednesday. The firm has a market capitalization of $237.16 million, a price-to-earnings ratio of -10.65 and a beta of 0.78. Piedmont Lithium has a twelve month low of $10.82 and a twelve month high of $65.72. The stock’s 50 day moving average price is $13.09 and its two-hundred day moving average price is $20.53.

Piedmont Lithium (NASDAQ:PLL) last posted its 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 company had revenue of ($7.31) million during the quarter, compared to analyst estimates of $32.76 million. As a group, analysts anticipate that Piedmont Lithium will post -0.43 earnings per share for the current year.

Institutional Investors Weigh In On Piedmont Lithium

Institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC boosted its position in shares of Piedmont Lithium by 66.6% during the 1st 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 in the last quarter. ICA Group Wealth Management LLC bought a new position in Piedmont Lithium in the fourth quarter worth approximately $28,000. FNY Investment Advisers LLC bought a new position in Piedmont Lithium in the fourth quarter worth approximately $62,000. PNC Financial Services Group Inc. boosted its holdings in Piedmont Lithium by 143.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock worth $73,000 after acquiring an additional 1,521 shares in the last quarter. Finally, Scarborough Advisors LLC bought a new position in Piedmont Lithium in the fourth quarter worth approximately $98,000. Institutional investors own 52.23% of the company’s stock.

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.