Roth Mkm Reiterates “Buy” Rating for Piedmont Lithium (NASDAQ:PLL)

Roth Mkm restated their buy rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research report report published on Wednesday, Benzinga reports. They currently have a $31.00 price objective on the mineral exploration company’s stock, down from their prior price objective of $40.00.

PLL has been the topic of a number of other research reports. JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Macquarie cut shares of 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 price target on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Finally, BMO Capital Markets boosted their price objective on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $22.26.

Piedmont Lithium Stock Up 2.5 %

Piedmont Lithium stock opened at $13.43 on Wednesday. The company’s 50-day moving average price is $10.03 and its two-hundred day moving average price is $10.94. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.01. The stock has a market cap of $260.94 million, a P/E ratio of -6.58 and a beta of 0.81. Piedmont Lithium has a twelve month low of $6.57 and a twelve month high of $31.82.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The firm had revenue of $13.23 million for the quarter, compared to the consensus estimate of $14.89 million. During the same period last year, the firm posted ($0.55) EPS. As a group, analysts expect that Piedmont Lithium will post -2.57 EPS for the current year.

Hedge Funds Weigh In On Piedmont Lithium

A number of institutional investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd bought a new stake in shares of Piedmont Lithium during the second quarter worth $47,000. Cubist Systematic Strategies LLC acquired a new stake in shares of Piedmont Lithium during the 2nd quarter valued at $723,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Piedmont Lithium during the 2nd quarter worth $58,000. Point72 Asset Management L.P. increased its holdings in Piedmont Lithium by 20.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,994,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Piedmont Lithium by 12.0% in the 2nd quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock worth $3,805,000 after purchasing an additional 40,826 shares in the last quarter. 52.23% of the stock is currently 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.