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

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have been assigned an average rating of “Hold” from the seven analysts that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $20.63.

A number of brokerages recently commented on PLL. Roth Mkm lowered their price target on shares of Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating for the company in a report on Friday, February 21st. BMO Capital Markets raised their price objective on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research note on Friday, November 29th. Finally, Macquarie upgraded Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th.

Institutional Trading of Piedmont Lithium

A number of hedge funds and other institutional investors have recently bought and sold shares of PLL. Geode Capital Management LLC increased its position in shares of Piedmont Lithium by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 413,366 shares of the mineral exploration company’s stock worth $3,614,000 after acquiring an additional 4,505 shares during the period. Point72 Asset Management L.P. grew its stake in Piedmont Lithium by 187.8% in the fourth quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,622,000 after purchasing an additional 195,756 shares in the last quarter. Northern Trust Corp increased its holdings in Piedmont Lithium by 3.5% during the 4th quarter. Northern Trust Corp now owns 156,989 shares of the mineral exploration company’s stock worth $1,372,000 after purchasing an additional 5,247 shares during the period. Charles Schwab Investment Management Inc. raised its position in Piedmont Lithium by 15.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 154,881 shares of the mineral exploration company’s stock valued at $1,383,000 after purchasing an additional 20,481 shares in the last quarter. Finally, HITE Hedge Asset Management LLC lifted its holdings in shares of Piedmont Lithium by 2.9% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock worth $1,366,000 after buying an additional 4,345 shares during the period. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Stock Up 1.1 %

Shares of PLL opened at $7.11 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.23 and a quick ratio of 1.99. The stock has a market capitalization of $156.02 million, a price-to-earnings ratio of -2.14 and a beta of 0.76. Piedmont Lithium has a 1 year low of $6.26 and a 1 year high of $17.66. The business’s 50 day simple moving average is $8.01 and its 200-day simple moving average is $9.74.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results on Thursday, February 20th. The mineral exploration company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.12). Piedmont Lithium had a negative net margin of 64.84% and a negative return on equity of 17.74%. The business had revenue of $45.59 million for the quarter, compared to analysts’ expectations of $52.60 million. As a group, equities analysts expect that Piedmont Lithium will post -0.91 earnings per share for the current fiscal year.

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.