JPMorgan Chase & Co. Reaffirms Underweight Rating for Piedmont Lithium (NASDAQ:PLL)

JPMorgan Chase & Co. reissued their underweight rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research note released on Monday, Marketbeat reports. The brokerage currently has a $8.00 price objective on the mineral exploration company’s stock, down from their prior price objective of $9.00.

PLL has been the topic of several other research reports. BMO Capital Markets reduced their target price on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a research note on Friday, September 6th. Macquarie lowered shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price for the company. in a report on Wednesday, October 16th. B. Riley cut their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $40.00 price objective (down from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Piedmont Lithium has an average rating of “Hold” and a consensus price target of $23.47.

Piedmont Lithium Stock Performance

PLL stock opened at $11.26 on Monday. The stock has a market capitalization of $218.78 million, a PE ratio of -5.52 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.32 and a quick ratio of 2.32. The company has a 50 day moving average price of $9.30 and a 200 day moving average price of $10.95. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $31.82.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The firm had revenue of $13.23 million during the quarter, compared to analyst estimates of $14.89 million. During the same quarter in the previous year, the business earned ($0.55) earnings per share. Analysts forecast that Piedmont Lithium will post -2.47 EPS for the current year.

Hedge Funds Weigh In On Piedmont Lithium

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its holdings in shares of Piedmont Lithium by 20.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock valued at $2,994,000 after purchasing an additional 50,000 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Piedmont Lithium in the second quarter valued at approximately $723,000. Millennium Management LLC lifted its stake in Piedmont Lithium by 12.0% in the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after buying an additional 40,826 shares in the last quarter. Boston Partners boosted its holdings in shares of Piedmont Lithium by 154.5% in the first quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock valued at $2,266,000 after buying an additional 103,273 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Piedmont Lithium during the second quarter worth $874,000. 52.23% of the stock is owned by institutional investors.

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.