Piedmont Lithium’s (PLL) Buy Rating Reaffirmed at DA Davidson

DA Davidson reissued their buy rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research report released on Tuesday morning, Benzinga reports. They currently have a $60.00 target price on the mineral exploration company’s stock.

PLL has been the subject of a number of other reports. BTIG Research downgraded shares of Piedmont Lithium from a buy rating to a neutral rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. decreased their target price on shares of Piedmont Lithium from $25.00 to $15.00 and set a neutral rating for the company in a research report on Thursday, February 8th. TD Cowen downgraded shares of Piedmont Lithium from an outperform rating to a market perform rating and decreased their target price for the company from $55.00 to $20.00 in a research report on Monday, January 29th. Finally, BMO Capital Markets began coverage on shares of Piedmont Lithium in a research report on Friday, February 16th. They set a market perform rating and a $20.00 target price for the company. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $65.67.

Piedmont Lithium Price Performance

Shares of PLL opened at $11.61 on Tuesday. The firm has a market capitalization of $224.77 million, a PE ratio of -10.10 and a beta of 0.77. Piedmont Lithium has a 1-year low of $11.27 and a 1-year high of $65.72. The company’s fifty day moving average price is $13.36 and its 200-day moving average price is $21.71.

Piedmont Lithium (NASDAQ:PLL) last posted its earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($1.61). The company had revenue of ($7.31) million for the quarter, compared to the consensus estimate of $32.76 million. As a group, research analysts anticipate that Piedmont Lithium will post -0.43 EPS for the current fiscal year.

Institutional Trading of Piedmont Lithium

Hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in shares of Piedmont Lithium in the 1st quarter valued at approximately $36,000. Citigroup Inc. lifted its holdings in shares of Piedmont Lithium by 112.3% in the 1st quarter. Citigroup Inc. now owns 620 shares of the mineral exploration company’s stock worth $45,000 after acquiring an additional 328 shares during the last quarter. Money Concepts Capital Corp acquired a new position in shares of Piedmont Lithium in the 4th quarter worth approximately $37,000. Point72 Middle East FZE acquired a new stake in Piedmont Lithium during the 4th quarter worth approximately $38,000. Finally, ICA Group Wealth Management LLC acquired a new stake in Piedmont Lithium during the 4th quarter worth approximately $28,000. Hedge funds and other 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.