Piedmont Lithium (NASDAQ:PLL – Free Report) had its price target cut by JPMorgan Chase & Co. from $25.00 to $15.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have a neutral rating on the mineral exploration company’s stock.
Separately, TD Cowen downgraded shares of Piedmont Lithium from an outperform rating to a market perform rating and reduced their price target for the stock from $55.00 to $20.00 in a research report on Monday, January 29th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $91.67.
Piedmont Lithium Stock Up 1.0 %
Piedmont Lithium (NASDAQ:PLL – Get Free Report) last issued its quarterly earnings results on Tuesday, November 7th. The mineral exploration company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.51 by ($0.63). The company had revenue of $47.13 million for the quarter, compared to analyst estimates of $56.50 million. On average, equities analysts expect that Piedmont Lithium will post 0.7 earnings per share for the current year.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in PLL. Envestnet Asset Management Inc. acquired a new position in Piedmont Lithium during the 1st quarter valued at about $257,000. Citigroup Inc. increased its stake 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 valued at $45,000 after acquiring an additional 328 shares during the last quarter. BlackRock Inc. increased its stake in shares of Piedmont Lithium by 11.7% in the 1st quarter. BlackRock Inc. now owns 340,060 shares of the mineral exploration company’s stock valued at $24,822,000 after acquiring an additional 35,614 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Piedmont Lithium by 28.0% in the 1st quarter. Vanguard Group Inc. now owns 743,695 shares of the mineral exploration company’s stock valued at $54,283,000 after acquiring an additional 162,476 shares during the last quarter. Finally, EJF Capital LLC bought a new stake in shares of Piedmont Lithium in the 1st quarter valued at about $1,095,000. 48.76% of the stock is currently owned by institutional investors and hedge funds.
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 3,245 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.
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