Piedmont Lithium Inc. (NASDAQ:PLL) Given Average Recommendation of “Hold” by Brokerages

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have been assigned a consensus rating of “Hold” from the eight brokerages that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $25.61.

Several equities analysts have recently issued reports on PLL shares. 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. Macquarie reiterated a “neutral” rating and set a $9.30 target price on shares of Piedmont Lithium in a report on Monday. Roth Mkm reiterated a “buy” rating and set a $40.00 target price (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. BMO Capital Markets lowered their target price on shares of Piedmont Lithium from $28.00 to $15.00 and set a “market perform” rating for the company in a report on Friday, July 26th. Finally, DA Davidson reiterated a “buy” rating and set a $60.00 target price on shares of Piedmont Lithium in a report on Tuesday, April 16th.

Hedge Funds Weigh In On Piedmont Lithium

Hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in Piedmont Lithium by 107.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock worth $11,012,000 after acquiring an additional 201,881 shares during the last quarter. Norges Bank bought a new stake in Piedmont Lithium in the 4th quarter worth approximately $7,148,000. Scarborough Advisors LLC bought a new stake in Piedmont Lithium in the 4th quarter worth approximately $98,000. Boston Partners grew its position in Piedmont Lithium by 154.5% in the 1st 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. Finally, Principal Financial Group Inc. grew its position in Piedmont Lithium by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 361,625 shares of the mineral exploration company’s stock worth $10,209,000 after purchasing an additional 1,232 shares during the period. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

Piedmont Lithium Price Performance

Shares of PLL opened at $7.87 on Friday. Piedmont Lithium has a one year low of $7.32 and a one year high of $46.66. The company has a 50-day simple moving average of $10.45 and a two-hundred day simple moving average of $12.47. The firm has a market capitalization of $152.44 million, a PE ratio of -4.14 and a beta of 0.84.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The business had revenue of $13.23 million for the quarter, compared to analyst estimates of $14.89 million. During the same period in the previous year, the business earned ($0.55) EPS. Analysts expect that Piedmont Lithium will post -1.33 EPS for the current fiscal year.

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.