Piedmont Lithium (NASDAQ:PLL) Stock Price Up 5.4% Following Analyst Upgrade

Thursday, June 10, 2021 | MarketBeat

Shares of Piedmont Lithium Limited (NASDAQ:PLL) shot up 5.4% during trading on Thursday after Evercore ISI raised their price target on the stock from $75.00 to $95.00. Evercore ISI currently has an outperform rating on the stock. Piedmont Lithium traded as high as $73.49 and last traded at $73.49. 12,058 shares were traded during mid-day trading, a decline of 99% from the average session volume of 1,006,955 shares. The stock had previously closed at $69.72.

Several other brokerages have also weighed in on PLL. Roth Capital increased their price objective on shares of Piedmont Lithium from $39.00 to $81.00 and gave the company a "buy" rating in a research report on Friday, April 9th. Clarkson Capital started coverage on shares of Piedmont Lithium in a research report on Wednesday, May 5th. They set a "buy" rating and a $86.00 price target on the stock. JPMorgan Chase & Co. started coverage on shares of Piedmont Lithium in a research report on Tuesday, May 4th. They set an "overweight" rating and a $86.00 price target on the stock. BTIG Research raised their price target on shares of Piedmont Lithium from $40.00 to $85.00 in a research report on Monday, March 29th. Finally, B. Riley lowered their price target on shares of Piedmont Lithium from $93.00 to $90.00 and set a "buy" rating on the stock in a research report on Wednesday, March 31st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of "Buy" and a consensus price target of $77.38.

A number of hedge funds have recently added to or reduced their stakes in the business. Advisory Services Network LLC increased its holdings in Piedmont Lithium by 2,819.3% in the 1st quarter. Advisory Services Network LLC now owns 4,379 shares of the mineral exploration company's stock valued at $304,000 after buying an additional 4,229 shares during the period. Davidson Kempner Capital Management LP bought a new position in Piedmont Lithium in the 1st quarter valued at about $348,000. Principal Financial Group Inc. increased its holdings in Piedmont Lithium by 5.7% in the 1st quarter. Principal Financial Group Inc. now owns 167,475 shares of the mineral exploration company's stock valued at $11,638,000 after buying an additional 9,005 shares during the period. Fiduciary Trust Co. bought a new position in Piedmont Lithium in the 1st quarter valued at about $462,000. Finally, Millennium Management LLC bought a new position in Piedmont Lithium in the 1st quarter valued at about $2,255,000. 10.83% of the stock is currently owned by hedge funds and other institutional investors.

The company's 50 day moving average is $66.48. The company has a market cap of $1.16 billion, a P/E ratio of -107.90 and a beta of 0.35.

Piedmont Lithium Company Profile (NASDAQ:PLL)

Piedmont Lithium Limited engages in the exploration and development of resource projects in the United States. The company primarily holds a 100% interest in the Piedmont lithium project covering a landholding of 2,126 acres in the North Carolina, the United States. It also owns a 61-acre property in Kings Mountain, North Carolina.

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