Brokerages Set Piedmont Lithium Inc. (NASDAQ:PLL) Target Price at $22.26

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have been given an average recommendation of “Hold” by the nine analysts that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $20.50.

A number of equities research analysts have recently issued reports on PLL shares. B. Riley reduced their price target 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. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Roth Mkm lowered Piedmont Lithium from a “buy” rating to a “neutral” rating and lowered their target price for the company from $32.00 to $13.00 in a report on Wednesday. Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Finally, BMO Capital Markets increased their price objective on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a research note on Tuesday, October 29th.

Piedmont Lithium Stock Up 10.2 %

Shares of NASDAQ PLL opened at $13.28 on Friday. The stock has a market capitalization of $258.14 million, a price-to-earnings ratio of -3.25 and a beta of 0.74. Piedmont Lithium has a 52 week low of $6.57 and a 52 week high of $31.82. The firm has a 50-day moving average price of $11.42 and a 200 day moving average price of $10.92. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01.

Institutional Investors Weigh In On Piedmont Lithium

A number of hedge funds and other institutional investors have recently made changes to their positions in PLL. Barclays PLC boosted its stake in Piedmont Lithium by 104.9% in the 3rd quarter. Barclays PLC now owns 34,322 shares of the mineral exploration company’s stock worth $307,000 after buying an additional 17,569 shares during the last quarter. Virtue Capital Management LLC purchased a new position in shares of Piedmont Lithium during the 3rd quarter worth about $223,000. National Bank of Canada FI boosted its position 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 acquiring an additional 2,724 shares during the last quarter. Quantinno Capital Management LP purchased a new stake in Piedmont Lithium in the third quarter valued at approximately $103,000. Finally, HITE Hedge Asset Management LLC increased its position in Piedmont Lithium by 2.9% during 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. 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.