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

DA Davidson reaffirmed their buy rating on shares of Piedmont Lithium (NASDAQ:PLL) in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has a $60.00 price objective on the mineral exploration company’s stock.

Other equities analysts also recently issued research reports about the company. BTIG Research downgraded Piedmont Lithium from a buy rating to a neutral rating in a research report on Friday, February 23rd. JPMorgan Chase & Co. dropped their price target on Piedmont Lithium from $25.00 to $15.00 and set a neutral rating for the company in a research report on Thursday, February 8th. BMO Capital Markets started coverage on Piedmont Lithium in a report on Friday, February 16th. They set a market perform rating and a $20.00 price objective on the stock. Finally, TD Cowen cut Piedmont Lithium from an outperform rating to a market perform rating and decreased their price objective for the stock from $55.00 to $20.00 in a report on Monday, January 29th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Piedmont Lithium has a consensus rating of Hold and a consensus target price of $65.67.

Piedmont Lithium Price Performance

Shares of PLL stock opened at $12.44 on Tuesday. The stock has a 50 day simple moving average of $13.41 and a 200-day simple moving average of $21.89. Piedmont Lithium has a 12-month low of $11.27 and a 12-month high of $65.72.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of $0.38 by ($1.61). The company had revenue of ($7.31) million during the quarter, compared to analysts’ expectations of $32.76 million. Sell-side analysts expect that Piedmont Lithium will post -0.43 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Piedmont Lithium by 13.3% in the first quarter. State Street Corp now owns 1,637,558 shares of the mineral exploration company’s stock valued at $98,335,000 after acquiring an additional 191,949 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Piedmont Lithium by 2.5% during the second quarter. BlackRock Inc. now owns 1,320,663 shares of the mineral exploration company’s stock worth $76,215,000 after purchasing an additional 32,334 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Piedmont Lithium by 2.8% during the fourth quarter. Vanguard Group Inc. now owns 1,050,010 shares of the mineral exploration company’s stock worth $29,642,000 after purchasing an additional 28,493 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Piedmont Lithium by 6.5% during the third quarter. Van ECK Associates Corp now owns 589,907 shares of the mineral exploration company’s stock worth $23,420,000 after purchasing an additional 36,016 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Piedmont Lithium by 11.3% during the third quarter. Invesco Ltd. now owns 570,392 shares of the mineral exploration company’s stock worth $22,645,000 after purchasing an additional 58,012 shares in the last quarter. Institutional investors and hedge funds own 52.23% of the company’s stock.

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.