Piedmont Lithium (NASDAQ:PLL) Price Target Raised to $14.00

Piedmont Lithium (NASDAQ:PLL) had its price objective lifted by BMO Capital Markets from $9.50 to $14.00 in a research note published on Friday morning,Benzinga reports. BMO Capital Markets currently has a market perform rating on the mineral exploration company’s stock.

A number of other analysts have also recently issued reports on the stock. B. Riley reduced their price objective on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Macquarie raised shares of Piedmont Lithium from an “underperform” rating to a “neutral” rating and set a $13.50 price target on the stock in a research note on Thursday, November 21st. Roth Capital cut Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Finally, Roth Mkm downgraded Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $32.00 to $13.00 in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Piedmont Lithium currently has a consensus rating of “Hold” and a consensus target price of $21.21.

Piedmont Lithium Stock Performance

Shares of PLL stock opened at $12.56 on Friday. Piedmont Lithium has a one year low of $6.57 and a one year high of $31.82. The company’s 50-day moving average is $11.94 and its 200 day moving average is $10.87. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99. The company has a market capitalization of $244.14 million, a price-to-earnings ratio of -3.07 and a beta of 0.74.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PLL. National Bank of Canada FI grew its stake in Piedmont Lithium by 2,095.4% in the third 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 raised its stake in shares of 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 acquiring an additional 936 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Piedmont Lithium during the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Piedmont Lithium in the 2nd quarter worth $58,000. Finally, State Board of Administration of Florida Retirement System acquired a new position in Piedmont Lithium during the 1st quarter valued at about $71,000. 52.23% of the stock is currently owned by hedge funds and other 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.