BMO Capital Markets Trims Piedmont Lithium (NASDAQ:PLL) Target Price to $15.00

Piedmont Lithium (NASDAQ:PLL) had its price target reduced by equities research analysts at BMO Capital Markets from $28.00 to $15.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “market perform” rating on the mineral exploration company’s stock. BMO Capital Markets’ price target points to a potential upside of 44.93% from the company’s current price.

Separately, DA Davidson restated a “buy” rating and set a $60.00 price objective on shares of Piedmont Lithium in a research report on Tuesday, April 16th. Four 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, the stock currently has a consensus rating of “Hold” and an average target price of $64.83.

Piedmont Lithium Stock Down 0.4 %

NASDAQ:PLL traded down $0.04 during mid-day trading on Friday, hitting $10.35. 141,196 shares of the company traded hands, compared to its average volume of 652,773. The stock’s fifty day moving average price is $11.82 and its 200-day moving average price is $13.61. Piedmont Lithium has a one year low of $8.94 and a one year high of $55.74. The firm has a market cap of $200.47 million, a price-to-earnings ratio of -5.45 and a beta of 0.84.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, May 9th. The mineral exploration company reported ($0.61) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.07). The firm had revenue of $13.40 million during the quarter, compared to analysts’ expectations of $13.77 million. Equities analysts predict that Piedmont Lithium will post -0.31 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in Piedmont Lithium during the 4th quarter valued at $7,148,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Piedmont Lithium by 107.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock valued at $11,012,000 after acquiring an additional 201,881 shares in the last quarter. Raymond James & Associates bought a new stake in Piedmont Lithium during the 2nd quarter valued at $1,472,000. Boston Partners boosted its position in Piedmont Lithium by 154.5% during the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock valued at $2,266,000 after acquiring an additional 103,273 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Piedmont Lithium by 4.5% during the 3rd quarter. Vanguard Group Inc. now owns 1,021,517 shares of the mineral exploration company’s stock valued at $40,554,000 after acquiring an additional 44,335 shares in the last quarter. Institutional investors own 52.23% of the company’s stock.

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.