Piedmont Lithium’s (PLL) “Buy” Rating Reaffirmed at Roth Mkm

Piedmont Lithium (NASDAQ:PLL)‘s stock had its “buy” rating reaffirmed by investment analysts at Roth Mkm in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $31.00 price target on the mineral exploration company’s stock, down from their previous price target of $40.00. Roth Mkm’s price target would suggest a potential upside of 138.46% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on PLL. BMO Capital Markets increased their target price on shares of Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a research report on Tuesday. Macquarie cut shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price for the company. in a research report on Wednesday, October 16th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 target price (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Finally, B. Riley dropped their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, Piedmont Lithium presently has an average rating of “Hold” and a consensus target price of $22.26.

Piedmont Lithium Price Performance

Shares of NASDAQ:PLL traded down $0.30 during midday trading on Wednesday, reaching $13.00. 752,239 shares of the company’s stock were exchanged, compared to its average volume of 702,814. The company’s 50 day simple moving average is $9.77 and its two-hundred day simple moving average is $10.92. The firm has a market capitalization of $252.58 million, a PE ratio of -6.44 and a beta of 0.81. Piedmont Lithium has a 12 month low of $6.57 and a 12 month high of $31.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data 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 the consensus estimate of $14.89 million. During the same period last year, the firm earned ($0.55) earnings per share. Equities research analysts expect that Piedmont Lithium will post -2.58 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Piedmont Lithium

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new stake in shares of Piedmont Lithium during the 2nd quarter worth approximately $47,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Piedmont Lithium during the 2nd quarter worth approximately $723,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Piedmont Lithium during the 2nd quarter worth approximately $58,000. Point72 Asset Management L.P. grew its position in shares of Piedmont Lithium by 20.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,994,000 after buying an additional 50,000 shares during the period. Finally, Millennium Management LLC grew its position in shares of Piedmont Lithium by 12.0% during the 2nd quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock worth $3,805,000 after buying an additional 40,826 shares during the period. Institutional investors and hedge funds 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.