Analysts Set Piedmont Lithium Inc. (NASDAQ:PLL) Target Price at $20.63

Piedmont Lithium Inc. (NASDAQ:PLL) has been given an average recommendation of “Hold” by the seven research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $20.63.

A number of research firms have issued reports on PLL. BMO Capital Markets boosted their price target on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research note on Friday, November 29th. Macquarie upgraded Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 6th. Finally, Roth Mkm cut their target price on shares of Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating for the company in a research note on Friday, February 21st.

Piedmont Lithium Price Performance

Shares of NASDAQ PLL opened at $6.78 on Friday. The company has a 50 day simple moving average of $7.88 and a two-hundred day simple moving average of $9.74. Piedmont Lithium has a fifty-two week low of $6.26 and a fifty-two week high of $17.66. The company has a market capitalization of $148.78 million, a price-to-earnings ratio of -2.04 and a beta of 0.76. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 2.23.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, February 20th. The mineral exploration company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.12). Piedmont Lithium had a negative net margin of 64.84% and a negative return on equity of 17.74%. The firm had revenue of $45.59 million for the quarter, compared to the consensus estimate of $52.60 million. Analysts expect that Piedmont Lithium will post -0.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Piedmont Lithium

A number of institutional investors and hedge funds have recently modified their holdings of PLL. FMR LLC boosted its position in Piedmont Lithium by 38.7% in the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after buying an additional 936 shares during the period. Mariner LLC raised its stake in shares of Piedmont Lithium by 12.0% during the fourth quarter. Mariner LLC now owns 12,262 shares of the mineral exploration company’s stock valued at $107,000 after acquiring an additional 1,313 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Piedmont Lithium by 65.8% during the fourth quarter. GAMMA Investing LLC now owns 3,907 shares of the mineral exploration company’s stock valued at $34,000 after acquiring an additional 1,550 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Piedmont Lithium by 16.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 12,739 shares of the mineral exploration company’s stock valued at $111,000 after purchasing an additional 1,782 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in Piedmont Lithium by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 70,082 shares of the mineral exploration company’s stock worth $613,000 after purchasing an additional 1,855 shares in the last quarter. 52.23% of the stock is 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.