Piedmont Lithium (NASDAQ:PLL) Stock Rating Upgraded by Macquarie

Piedmont Lithium (NASDAQ:PLL) was upgraded by Macquarie from an “underperform” rating to a “neutral” rating in a research report issued on Thursday, Marketbeat reports. The brokerage currently has a $13.50 price target on the mineral exploration company’s stock. Macquarie’s price objective would indicate a potential upside of 1.66% from the stock’s current price.

PLL has been the topic of a number of other reports. BMO Capital Markets raised their target price on shares of Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 29th. B. Riley reduced their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Roth Mkm cut Piedmont Lithium from a “buy” rating to a “neutral” rating and dropped their target price for the company from $32.00 to $13.00 in a report on Wednesday. Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Piedmont Lithium currently has an average rating of “Hold” and a consensus price target of $20.50.

Piedmont Lithium Price Performance

Shares of NASDAQ PLL opened at $13.28 on Thursday. The firm has a 50-day simple moving average of $11.42 and a 200-day simple moving average of $10.94. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $258.16 million, a price-to-earnings ratio of -3.25 and a beta of 0.74. Piedmont Lithium has a 52 week low of $6.57 and a 52 week high of $31.82.

Institutional Investors Weigh In On Piedmont Lithium

Institutional investors have recently made changes to their positions in the stock. National Bank of Canada FI boosted its position in shares of Piedmont Lithium by 2,095.4% during the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after purchasing an additional 2,724 shares during the period. FMR LLC boosted its position in shares of Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after buying an additional 936 shares during the period. Point72 DIFC Ltd acquired a new stake in shares of Piedmont Lithium in the second quarter valued at $47,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Piedmont Lithium in the 1st quarter valued at $71,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Piedmont Lithium in the 2nd quarter valued at $58,000. 52.23% of the stock is currently 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.