Roth Mkm Cuts Piedmont Lithium (NASDAQ:PLL) Price Target to $61.00

Piedmont Lithium (NASDAQ:PLL) had its price objective lowered by analysts at Roth Mkm from $65.00 to $61.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the mineral exploration company’s stock. Roth Mkm’s target price would indicate a potential upside of 483.73% from the company’s current price.

A number of other brokerages also recently weighed in on PLL. BMO Capital Markets lowered their price target on Piedmont Lithium from $28.00 to $15.00 and set a “market perform” rating for the company in a report on Friday. DA Davidson restated a “buy” rating and set a $60.00 price objective on shares of Piedmont Lithium in a research note on Tuesday, April 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $44.33.

Piedmont Lithium Price Performance

Piedmont Lithium stock traded up $0.06 during midday trading on Friday, hitting $10.45. 229,178 shares of the company were exchanged, compared to its average volume of 653,357. The company’s fifty day moving average price is $11.82 and its 200-day moving average price is $13.61. The company has a market cap of $202.41 million, a PE ratio of -5.53 and a beta of 0.84. Piedmont Lithium has a fifty-two week low of $8.94 and a fifty-two week high of $55.74.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings data on Thursday, May 9th. The mineral exploration company reported ($0.61) earnings per share (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 the consensus estimate of $13.77 million. On average, analysts expect that Piedmont Lithium will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Piedmont Lithium

Hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC purchased a new stake in shares of Piedmont Lithium during the first quarter valued at $25,000. GAMMA Investing LLC raised its position in 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 period. ICA Group Wealth Management LLC acquired a new position in Piedmont Lithium during the fourth quarter valued at $28,000. State Board of Administration of Florida Retirement System acquired a new position in Piedmont Lithium during the first quarter valued at $71,000. Finally, PNC Financial Services Group Inc. raised its position in Piedmont Lithium by 143.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock valued at $73,000 after buying an additional 1,521 shares during the period. 52.23% of the stock is owned by hedge funds and other institutional investors.

Piedmont Lithium Company Profile

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.