Macquarie Reiterates Neutral Rating for Piedmont Lithium (NASDAQ:PLL)

Macquarie reiterated their neutral rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research note published on Monday morning, Marketbeat reports. They currently have a $9.30 price objective on the mineral exploration company’s stock.

PLL has been the topic of several other reports. Roth Mkm reissued a buy rating and set a $40.00 price target (down from $61.00) on shares of Piedmont Lithium in a research report on Friday, August 9th. BMO Capital Markets dropped their price objective on Piedmont Lithium from $28.00 to $15.00 and set a market perform rating on the stock in a report on Friday, July 26th. Finally, DA Davidson restated a buy rating and set a $60.00 price objective on shares of Piedmont Lithium in a report on Tuesday, April 16th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Piedmont Lithium presently has an average rating of Hold and a consensus target price of $25.61.

Piedmont Lithium Stock Performance

Piedmont Lithium stock opened at $7.69 on Monday. The stock’s 50 day moving average price is $10.24 and its 200 day moving average price is $12.40. The firm has a market capitalization of $148.96 million, a PE ratio of -4.05 and a beta of 0.84. The company has a debt-to-equity ratio of 0.01, a quick ratio of 4.57 and a current ratio of 2.32. Piedmont Lithium has a one year low of $6.93 and a one year high of $46.66.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results 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 company had revenue of $13.23 million during the quarter, compared to analysts’ expectations of $14.89 million. During the same quarter in the previous year, the business earned ($0.55) earnings per share. As a group, sell-side analysts expect that Piedmont Lithium will post -1.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Piedmont Lithium

A number of institutional investors have recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Piedmont Lithium by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after acquiring an additional 796 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Piedmont Lithium in the 4th quarter valued at approximately $28,000. Principal Financial Group Inc. increased its holdings in shares of 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 valued at $10,209,000 after acquiring an additional 1,232 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of 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 during the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Piedmont Lithium in the 1st quarter valued at approximately $25,000. 52.23% of the stock is currently owned by institutional investors.

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.