Piedmont Lithium (NASDAQ:PLL) Price Target Raised to $9.00

Piedmont Lithium (NASDAQ:PLL) had its target price increased by BMO Capital Markets from $8.50 to $9.00 in a research report report published on Tuesday, Benzinga reports. The firm currently has a market perform rating on the mineral exploration company’s stock.

PLL has been the subject of a number of other research reports. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Macquarie downgraded 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. B. Riley cut their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Finally, Roth Mkm restated a “buy” rating and set a $40.00 target price (down previously from $61.00) on shares of Piedmont Lithium in a research report on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Piedmont Lithium presently has a consensus rating of “Hold” and a consensus target price of $22.26.

Piedmont Lithium Price Performance

Shares of PLL stock opened at $13.10 on Tuesday. The stock has a 50 day moving average of $9.94 and a two-hundred day moving average of $10.95. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a 12 month low of $6.57 and a 12 month high of $31.82. The company has a market capitalization of $254.53 million, a P/E ratio of -6.42 and a beta of 0.81.

Piedmont Lithium (NASDAQ:PLL) last announced 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 business had revenue of $13.23 million during the quarter, compared to the consensus estimate of $14.89 million. During the same period in the prior year, the company earned ($0.55) EPS. As a group, equities analysts expect that Piedmont Lithium will post -2.57 EPS for the current year.

Institutional Investors Weigh In On Piedmont Lithium

A number of hedge funds and other institutional investors have recently bought and sold shares of PLL. HITE Hedge Asset Management LLC acquired a new stake in Piedmont Lithium during the 2nd quarter valued at $1,484,000. Raymond James & Associates acquired a new stake in shares of Piedmont Lithium in the 2nd quarter valued at $1,472,000. Boston Partners increased its stake in shares of Piedmont Lithium by 154.5% in the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock valued at $2,266,000 after buying an additional 103,273 shares during the period. Marshall Wace LLP acquired a new stake in shares of Piedmont Lithium in the 2nd quarter valued at $874,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Piedmont Lithium in the 2nd quarter valued at $723,000. 52.23% of the stock is owned by institutional investors and hedge funds.

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.