BMO Capital Markets Cuts Piedmont Lithium (NASDAQ:PLL) Price Target to $15.00

Piedmont Lithium (NASDAQ:PLL) had its target price trimmed by BMO Capital Markets from $28.00 to $15.00 in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a market perform rating on the mineral exploration company’s stock.

Separately, DA Davidson reissued a buy rating and set a $60.00 price target on shares of Piedmont Lithium in a research report on Tuesday, April 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $44.33.

Piedmont Lithium Stock Performance

PLL opened at $10.67 on Friday. The business has a 50 day moving average of $11.71 and a 200-day moving average of $13.51. Piedmont Lithium has a 52 week low of $8.94 and a 52 week high of $55.74.

Piedmont Lithium (NASDAQ:PLL) last announced its quarterly earnings data on Thursday, May 9th. The mineral exploration company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.54) by ($0.07). The business had revenue of $13.40 million during the quarter, compared to analyst estimates of $13.77 million. As a group, analysts expect that Piedmont Lithium will post -0.31 EPS for the current year.

Hedge Funds Weigh In On Piedmont Lithium

Several large investors have recently modified their holdings of PLL. Headlands Technologies LLC purchased a new stake in Piedmont Lithium during the 1st quarter valued at about $25,000. GAMMA Investing LLC grew its holdings in shares of Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after buying an additional 796 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Piedmont Lithium during the fourth quarter valued at approximately $28,000. State Board of Administration of Florida Retirement System purchased a new position in Piedmont Lithium in the 1st quarter worth approximately $71,000. Finally, PNC Financial Services Group Inc. lifted its position in Piedmont Lithium by 143.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock valued at $73,000 after acquiring an additional 1,521 shares in the last quarter. 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.