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

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have received an average recommendation of “Hold” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $20.63.

Several equities analysts recently weighed in on PLL shares. Macquarie upgraded Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 6th. BMO Capital Markets lifted their target price on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research report on Friday, November 29th. Roth Mkm lowered their target price on Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating on the stock in a research report on Friday, February 21st. Finally, Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Insider Activity

In other news, CEO Keith D. Phillips sold 41,867 shares of Piedmont Lithium stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $12.31, for a total value of $515,382.77. Following the sale, the chief executive officer now directly owns 170,616 shares of the company’s stock, valued at approximately $2,100,282.96. The trade was a 19.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.81% of the company’s stock.

Institutional Investors Weigh In On Piedmont Lithium

Several large investors have recently made changes to their positions in PLL. Point72 Asset Management L.P. increased its holdings in shares of Piedmont Lithium by 187.8% in the fourth quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,622,000 after purchasing an additional 195,756 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Piedmont Lithium during the fourth quarter worth approximately $483,000. Quinn Opportunity Partners LLC bought a new stake in Piedmont Lithium during the fourth quarter worth approximately $304,000. Millennium Management LLC bought a new stake in Piedmont Lithium during the fourth quarter worth approximately $240,000. Finally, Quest Partners LLC increased its stake in Piedmont Lithium by 708.5% during the third quarter. Quest Partners LLC now owns 31,032 shares of the mineral exploration company’s stock worth $277,000 after acquiring an additional 27,194 shares during the last quarter. 52.23% of the stock is owned by institutional investors.

Piedmont Lithium Stock Performance

Shares of PLL opened at $6.47 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.23 and a quick ratio of 1.99. Piedmont Lithium has a one year low of $6.32 and a one year high of $17.66. The firm has a market capitalization of $141.98 million, a P/E ratio of -1.95 and a beta of 0.78. The business has a fifty day moving average of $8.57 and a 200 day moving average of $9.88.

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

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.