Piedmont Lithium (NASDAQ:PLL) Receives Buy Rating from DA Davidson

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

A number of other equities research analysts have also commented on PLL. TD Cowen lowered shares of Piedmont Lithium from an outperform rating to a market perform rating and lowered their price target for the company from $55.00 to $20.00 in a report on Monday, January 29th. BTIG Research lowered shares of Piedmont Lithium from a buy rating to a neutral rating in a report on Friday, February 23rd. JPMorgan Chase & Co. lowered their price target on shares of Piedmont Lithium from $25.00 to $15.00 and set a neutral rating for the company in a report on Thursday, February 8th. Finally, BMO Capital Markets initiated coverage on shares of Piedmont Lithium in a report on Friday, February 16th. They set a market perform rating and a $20.00 price target for the company. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $65.67.

Piedmont Lithium Trading Down 8.5 %

Shares of PLL traded down $1.25 during mid-day trading on Tuesday, reaching $13.43. The company's stock had a trading volume of 1,409,561 shares, compared to its average volume of 793,725. The stock has a market cap of $260.00 million, a PE ratio of -11.68 and a beta of 0.78. Piedmont Lithium has a 52 week low of $11.27 and a 52 week high of $65.72. The company's fifty day moving average price is $13.48 and its two-hundred day moving average price is $22.02.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last announced its quarterly earnings data on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share for the quarter, missing analysts' consensus estimates of $0.38 by ($1.61). The firm had revenue of ($7.31) million for the quarter, compared to analysts' expectations of $32.76 million. Research analysts anticipate that Piedmont Lithium will post -0.43 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PLL. GAMMA Investing LLC lifted its holdings in shares of Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company's stock valued at $27,000 after purchasing an additional 796 shares during the last quarter. ICA Group Wealth Management LLC purchased a new position in Piedmont Lithium during the fourth quarter valued at $28,000. Geneos Wealth Management Inc. bought a new stake in Piedmont Lithium in the first quarter worth $36,000. Money Concepts Capital Corp purchased a new stake in shares of Piedmont Lithium in the fourth quarter worth $37,000. Finally, Point72 Middle East FZE purchased a new stake in shares of Piedmont Lithium in the fourth quarter worth $38,000. 52.23% of the stock is owned by hedge funds and other institutional investors.

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.