Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Rating of "Hold" from Analysts

Shares of Piedmont Lithium Inc. (NASDAQ:PLL - Get Free Report) have earned an average recommendation of "Hold" from the six brokerages that are presently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $71.67.

A number of equities analysts have issued reports on PLL shares. TD Cowen lowered Piedmont Lithium from an "outperform" rating to a "market perform" rating and decreased their price target for the company from $55.00 to $20.00 in a research note on Monday, January 29th. BTIG Research lowered Piedmont Lithium from a "buy" rating to a "neutral" rating in a research note on Friday, February 23rd. JPMorgan Chase & Co. decreased 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. Finally, BMO Capital Markets assumed coverage on Piedmont Lithium in a research note on Friday, February 16th. They set a "market perform" rating and a $20.00 price target for the company.

Piedmont Lithium Stock Down 2.9 %

Shares of NASDAQ PLL traded down $0.38 on Friday, hitting $12.77. The company had a trading volume of 308,874 shares, compared to its average volume of 567,911. Piedmont Lithium has a 12-month low of $11.27 and a 12-month high of $65.72. The business has a 50 day moving average of $13.62 and a two-hundred day moving average of $23.38. The firm has a market capitalization of $247.23 million, a P/E ratio of -11.10 and a beta of 0.77.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) 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 during the quarter, compared to analyst estimates of $32.76 million. On average, sell-side analysts anticipate that Piedmont Lithium will post -0.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PLL. State Street Corp boosted its stake in shares of Piedmont Lithium by 1,522.7% during the 1st quarter. State Street Corp now owns 1,149,201 shares of the mineral exploration company's stock valued at $83,880,000 after buying an additional 1,078,382 shares during the period. Norges Bank purchased a new stake in shares of Piedmont Lithium during the fourth quarter worth $7,148,000. Schonfeld Strategic Advisors LLC boosted its position in Piedmont Lithium by 176.3% during the third quarter. Schonfeld Strategic Advisors LLC now owns 343,563 shares of the mineral exploration company's stock valued at $13,639,000 after purchasing an additional 219,206 shares during the last quarter. Renaissance Technologies LLC grew its stake in Piedmont Lithium by 783.7% in the second quarter. Renaissance Technologies LLC now owns 231,300 shares of the mineral exploration company's stock valued at $8,422,000 after purchasing an additional 205,125 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Piedmont Lithium by 107.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company's stock worth $11,012,000 after purchasing an additional 201,881 shares during the last quarter. 52.23% of the stock is 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 3,706 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.