Piedmont Lithium (NASDAQ:PLL) Downgraded by Roth Mkm to “Neutral”

Roth Mkm lowered shares of Piedmont Lithium (NASDAQ:PLL) from a buy rating to a neutral rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. Roth Mkm currently has $13.00 price target on the mineral exploration company’s stock, down from their previous price target of $32.00.

PLL has been the subject of a number of other research reports. B. Riley lowered their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 target price (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. BMO Capital Markets lifted their price objective on Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a research note on Tuesday, October 29th. Finally, Macquarie cut Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price objective for the company. in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.69.

Piedmont Lithium Trading Down 14.5 %

PLL opened at $10.47 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99. The business has a 50 day moving average of $11.21 and a 200-day moving average of $10.93. Piedmont Lithium has a 52 week low of $6.57 and a 52 week high of $31.82.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. FMR LLC raised its stake in shares of Piedmont Lithium by 38.7% in the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after purchasing an additional 936 shares during the last quarter. National Bank of Canada FI raised its stake in shares of Piedmont Lithium by 2,095.4% in the third quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after purchasing an additional 2,724 shares during the last quarter. HITE Hedge Asset Management LLC raised its stake in shares of Piedmont Lithium by 2.9% in the third quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock worth $1,366,000 after purchasing an additional 4,345 shares during the last quarter. Point72 DIFC Ltd purchased a new position in shares of Piedmont Lithium in the second quarter worth $47,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in shares of Piedmont Lithium in the first quarter worth $71,000. Hedge funds and other 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.