Piedmont Lithium (NASDAQ:PLL) Receives Buy Rating from DA Davidson

DA Davidson reaffirmed their buy rating on shares of Piedmont Lithium (NASDAQ:PLL) in a report published on Tuesday morning, Benzinga reports. The firm currently has a $60.00 price objective on the mineral exploration company’s stock.

Several other research firms also recently weighed in on PLL. TD Cowen downgraded Piedmont Lithium from an outperform rating to a market perform rating and reduced their target price for the stock from $55.00 to $20.00 in a research report on Monday, January 29th. BMO Capital Markets initiated coverage on shares of Piedmont Lithium in a report on Friday, February 16th. They issued a market perform rating and a $20.00 target price for the company. BTIG Research downgraded shares of Piedmont Lithium from a buy rating to a neutral rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Piedmont Lithium from $25.00 to $15.00 and set a neutral rating for the company in a report on Thursday, February 8th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Piedmont Lithium currently has an average rating of Hold and a consensus price target of $65.67.

Piedmont Lithium Stock Down 8.5 %

Shares of PLL stock opened at $13.43 on Tuesday. Piedmont Lithium has a fifty-two week low of $11.27 and a fifty-two week high of $65.72. The business has a fifty day simple moving average of $13.48 and a 200-day simple moving average of $22.02. The stock has a market cap of $260.00 million, a P/E ratio of -11.68 and a beta of 0.78.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of $0.38 by ($1.61). The business had revenue of ($7.31) million during the quarter, compared to the consensus estimate of $32.76 million. On average, sell-side analysts anticipate that Piedmont Lithium will post -0.43 earnings per share for the current year.

Hedge Funds Weigh In On Piedmont Lithium

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in Piedmont Lithium by 66.6% during the 1st quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after purchasing an additional 796 shares during the period. ICA Group Wealth Management LLC bought a new position in Piedmont Lithium in the 4th quarter worth approximately $28,000. Geneos Wealth Management Inc. acquired a new stake in Piedmont Lithium in the 1st quarter valued at approximately $36,000. Money Concepts Capital Corp bought a new stake in Piedmont Lithium during the 4th quarter valued at $37,000. Finally, Point72 Middle East FZE acquired a new position in Piedmont Lithium during the 4th quarter worth $38,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

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.