Piedmont Lithium (NASDAQ:PLL) Cut to Underperform at Macquarie

Macquarie downgraded shares of Piedmont Lithium (NASDAQ:PLL) from a neutral rating to an underperform rating in a research note published on Wednesday morning, Marketbeat reports. They currently have $7.80 price objective on the mineral exploration company’s stock.

PLL has been the topic of a number of other reports. Roth Mkm reiterated a “buy” rating and issued a $40.00 target price (down from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. B. Riley reduced their price objective on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Finally, BMO Capital Markets dropped their target price on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $24.47.

Piedmont Lithium Stock Performance

Shares of PLL stock opened at $11.61 on Wednesday. The firm has a market capitalization of $225.49 million, a price-to-earnings ratio of -5.69 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. The company has a 50 day moving average price of $9.15 and a 200 day moving average price of $11.00. Piedmont Lithium has a one year low of $6.57 and a one year high of $33.19.

Piedmont Lithium (NASDAQ:PLL) last posted its earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The firm had revenue of $13.23 million for the quarter, compared to analyst estimates of $14.89 million. During the same quarter in the prior year, the firm posted ($0.55) earnings per share. Sell-side analysts anticipate that Piedmont Lithium will post -2.47 EPS for the current year.

Institutional Trading of Piedmont Lithium

Institutional investors have recently modified their holdings of the company. Headlands Technologies LLC acquired a new position in Piedmont Lithium during the first quarter worth approximately $25,000. GAMMA Investing LLC lifted its stake 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 worth $27,000 after purchasing an additional 796 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake 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 valued at $73,000 after buying an additional 1,521 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Piedmont Lithium during the 2nd quarter worth approximately $47,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in Piedmont Lithium during the 1st quarter worth $71,000. 52.23% of the stock is currently 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.