Analysts Set Piedmont Lithium Inc. (NASDAQ:PLL) Price Target at $65.67

Piedmont Lithium Inc. (NASDAQ:PLL) has received a consensus rating of “Hold” from the seven analysts that are currently covering the firm, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $65.67.

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. cut their price target on Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, February 8th. BMO Capital Markets initiated coverage on Piedmont Lithium in a research report on Friday, February 16th. They issued a “market perform” rating and a $20.00 price target on the stock. BTIG Research cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating in a research report on Friday, February 23rd. TD Cowen lowered 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 report on Monday, January 29th. Finally, DA Davidson reaffirmed a “buy” rating and set a $60.00 price target on shares of Piedmont Lithium in a report on Tuesday, April 16th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Piedmont Lithium by 4.5% in 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 during the last quarter. Van ECK Associates Corp grew its holdings in shares of Piedmont Lithium by 6.5% during the third quarter. Van ECK Associates Corp now owns 589,907 shares of the mineral exploration company’s stock worth $23,420,000 after purchasing an additional 36,016 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Piedmont Lithium by 11.3% during the third quarter. Invesco Ltd. now owns 570,392 shares of the mineral exploration company’s stock worth $22,645,000 after purchasing an additional 58,012 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Piedmont Lithium by 107.3% in the fourth 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 buying an additional 201,881 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Piedmont Lithium by 0.3% in the 4th quarter. Principal Financial Group Inc. now owns 361,625 shares of the mineral exploration company’s stock valued at $10,209,000 after buying an additional 1,232 shares during the last quarter. Institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Price Performance

PLL stock opened at $13.33 on Wednesday. Piedmont Lithium has a fifty-two week low of $10.82 and a fifty-two week high of $65.72. The stock has a market capitalization of $258.07 million, a price-to-earnings ratio of -11.59 and a beta of 0.77. The business’s fifty day moving average price is $12.99 and its two-hundred day moving average price is $20.28.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) EPS for the quarter, missing the consensus estimate of $0.38 by ($1.61). The company had revenue of ($7.31) million for the quarter, compared to analyst estimates of $32.76 million. Research analysts expect that Piedmont Lithium will post -0.43 EPS for the current year.

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.