Piedmont Lithium (NASDAQ:PLL) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Piedmont Lithium (NASDAQ:PLL) from a sell rating to a hold rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Piedmont Lithium Ltd is a mineral resource company. It engages in the identification, acquisition, exploration and development of resource projects primarily in Australia. Piedmont Lithium Ltd is based in Perth, Australia. “

Several other equities analysts have also commented on PLL. JPMorgan Chase & Co. lowered their target price on Piedmont Lithium from $86.00 to $84.00 and set an overweight rating for the company in a report on Friday, June 11th. DA Davidson initiated coverage on Piedmont Lithium in a report on Friday, July 23rd. They set a buy rating and a $85.00 target price for the company. Finally, Evercore ISI upped their target price on Piedmont Lithium from $75.00 to $95.00 and gave the company an outperform rating in a report on Thursday, June 10th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Buy and an average price target of $78.00.

Shares of Piedmont Lithium stock opened at $52.24 on Wednesday. The firm has a market cap of $822.57 million, a P/E ratio of -76.82 and a beta of 0.33. The business has a 50-day moving average price of $55.97 and a 200 day moving average price of $64.56. Piedmont Lithium has a fifty-two week low of $19.38 and a fifty-two week high of $88.97.

In other news, Director Jeffrey T. Armstrong bought 2,500 shares of the business’s stock in a transaction on Wednesday, July 7th. The stock was purchased at an average cost of $69.62 per share, for a total transaction of $174,050.00. Following the completion of the transaction, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,392,400. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keith D. Phillips sold 22,080 shares of the company’s stock in a transaction that occurred on Tuesday, July 6th. The stock was sold at an average price of $75.40, for a total value of $1,664,832.00. The disclosure for this sale can be found here. Corporate insiders own 0.72% of the company’s stock.

Several large investors have recently made changes to their positions in PLL. Citigroup Inc. lifted its position in shares of Piedmont Lithium by 208.0% during the 2nd quarter. Citigroup Inc. now owns 385 shares of the mineral exploration company’s stock valued at $30,000 after acquiring an additional 260 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in Piedmont Lithium by 1,965.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 413 shares of the mineral exploration company’s stock valued at $32,000 after purchasing an additional 393 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in Piedmont Lithium during the 1st quarter valued at $34,000. US Bancorp DE acquired a new stake in Piedmont Lithium during the 1st quarter valued at $36,000. Finally, Legal & General Group Plc acquired a new stake in Piedmont Lithium during the 2nd quarter valued at $49,000. Institutional investors own 15.42% of the company’s stock.

Piedmont Lithium Company Profile

Piedmont Lithium, Inc engages in the exploration and development of mineral properties. The company was founded on December 3, 2020 and is headquartered in Belmont, NC.

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Analyst Recommendations for Piedmont Lithium (NASDAQ:PLL)

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