Analysts Set Piedmont Lithium Inc. (NASDAQ:PLL) Price Target at $22.26

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have been assigned an average recommendation of “Hold” from the eight research firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $22.26.

Several equities research analysts have recently issued reports on PLL shares. B. Riley lowered their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. BMO Capital Markets upped their price objective on Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Roth Mkm reaffirmed a “buy” rating and issued a $31.00 price target (down previously from $40.00) on shares of Piedmont Lithium in a research note on Wednesday, October 30th. Finally, Macquarie downgraded shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price on the stock. in a research note on Wednesday, October 16th.

Hedge Funds Weigh In On Piedmont Lithium

Institutional investors and hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC purchased a new position in Piedmont Lithium during the first quarter valued at $25,000. National Bank of Canada FI raised its stake in Piedmont Lithium by 2,095.4% in the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock valued at $25,000 after purchasing an additional 2,724 shares during the last quarter. FMR LLC boosted its stake in Piedmont Lithium by 38.7% during the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after purchasing an additional 936 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Piedmont Lithium in the second quarter valued at about $47,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Piedmont Lithium during the 2nd quarter valued at about $58,000. Institutional investors and hedge funds own 52.23% of the company’s stock.

Piedmont Lithium Price Performance

Shares of Piedmont Lithium stock opened at $12.25 on Friday. The firm has a market cap of $238.12 million, a PE ratio of -3.00 and a beta of 0.74. The stock has a 50 day moving average of $11.15 and a 200 day moving average of $10.93. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a 12 month low of $6.57 and a 12 month high of $31.82.

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.