Piedmont Lithium (NASDAQ:PLL) Posts Earnings Results, Misses Expectations By $0.40 EPS

Piedmont Lithium (NASDAQ:PLL) posted its quarterly earnings results on Tuesday. The mineral exploration company reported ($0.86) earnings per share for the quarter, missing the consensus estimate of ($0.46) by ($0.40), reports. The company had revenue of $27.66 million during the quarter, compared to the consensus estimate of $32.91 million.

Piedmont Lithium Trading Up 3.1 %

Shares of PLL stock opened at $13.35 on Thursday. The stock has a market capitalization of $259.39 million, a P/E ratio of -3.26 and a beta of 0.74. The company has a current ratio of 1.99, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01. The firm’s 50 day moving average is $10.74 and its 200 day moving average is $10.97. Piedmont Lithium has a 12-month low of $6.57 and a 12-month high of $31.82.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PLL. Headlands Technologies LLC purchased a new position in shares of Piedmont Lithium during the 1st quarter worth $25,000. FMR LLC raised its holdings in Piedmont Lithium by 38.7% in 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 period. Point72 DIFC Ltd bought a new stake in Piedmont Lithium during the second quarter valued at about $47,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Piedmont Lithium during the second quarter valued at about $58,000. Finally, State Board of Administration of Florida Retirement System purchased a new stake in Piedmont Lithium in the first quarter worth about $71,000. Institutional investors own 52.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PLL shares. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. B. Riley cut their price objective on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. BMO Capital Markets lifted their target price on shares of Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a report on Tuesday, October 29th. Roth Mkm reiterated a “buy” rating and set a $31.00 price target (down previously from $40.00) on shares of Piedmont Lithium in a report on Wednesday, October 30th. Finally, Macquarie lowered shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price objective for the company. in a report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Piedmont Lithium presently has a consensus rating of “Hold” and a consensus target price of $22.26.

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.