Piedmont Lithium (NASDAQ:PLL) Rating Increased to Neutral at Macquarie

Macquarie upgraded shares of Piedmont Lithium (NASDAQ:PLL) from an underperform rating to a neutral rating in a research note published on Thursday morning, Marketbeat.com reports. The firm currently has $13.50 target price on the mineral exploration company’s stock.

Several other analysts also recently commented on PLL. B. Riley lowered their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Roth Capital downgraded shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Roth Mkm downgraded shares of 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. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 target price (down previously from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Finally, BMO Capital Markets increased their target price on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a report on Tuesday, October 29th. 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $20.50.

Piedmont Lithium Stock Performance

PLL opened at $12.43 on Thursday. The company’s fifty day moving average price is $11.30 and its two-hundred day moving average price is $10.94. The company has a market cap of $241.64 million, a price-to-earnings ratio of -2.95 and a beta of 0.74. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a 1-year low of $6.57 and a 1-year high of $31.82.

Institutional Trading of Piedmont Lithium

A number of large investors have recently added to or reduced their stakes in the stock. HITE Hedge Asset Management LLC bought a new position in Piedmont Lithium during the second quarter worth about $1,484,000. Raymond James & Associates bought a new position in Piedmont Lithium during the second quarter worth about $1,472,000. Boston Partners boosted its position in Piedmont Lithium by 154.5% during the first quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after purchasing an additional 103,273 shares during the period. Marshall Wace LLP bought a new position in Piedmont Lithium during the second quarter worth about $874,000. Finally, Cubist Systematic Strategies LLC bought a new position in Piedmont Lithium during the second quarter worth about $723,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

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.