Piedmont Lithium Inc. (NASDAQ:PLL) Receives $21.21 Consensus Price Target from Analysts

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned an average recommendation of “Hold” from the nine ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, five have given a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $21.21.

Several brokerages have recently weighed in on PLL. Roth Mkm lowered shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $32.00 to $13.00 in a report on Wednesday, November 20th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Macquarie raised shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. BMO Capital Markets increased their target price on Piedmont Lithium from $9.50 to $14.00 and gave the stock a “market perform” rating in a research report on Friday, November 29th. Finally, Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Insider Buying and Selling at Piedmont Lithium

In related news, CEO Keith D. Phillips sold 41,867 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total transaction of $515,382.77. Following the completion of the sale, the chief executive officer now directly owns 170,616 shares of the company’s stock, valued at approximately $2,100,282.96. This trade represents a 19.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.81% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Piedmont Lithium

Institutional investors have recently added to or reduced their stakes in the company. Barclays PLC increased its position in shares of Piedmont Lithium by 104.9% during the third quarter. Barclays PLC now owns 34,322 shares of the mineral exploration company’s stock worth $307,000 after acquiring an additional 17,569 shares during the last quarter. Virtue Capital Management LLC acquired a new stake in Piedmont Lithium during the 3rd quarter valued at approximately $223,000. National Bank of Canada FI increased its holdings in 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 last quarter. Quantinno Capital Management LP acquired a new position in shares of Piedmont Lithium in the 3rd quarter valued at approximately $103,000. Finally, HITE Hedge Asset Management LLC boosted its stake in shares of Piedmont Lithium by 2.9% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock valued at $1,366,000 after buying an additional 4,345 shares during the last quarter. Institutional investors and hedge funds own 52.23% of the company’s stock.

Piedmont Lithium Stock Performance

NASDAQ PLL opened at $9.16 on Thursday. The business’s 50-day moving average price is $12.23 and its 200 day moving average price is $10.57. 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 twelve month low of $6.57 and a twelve month high of $31.82. The company has a market capitalization of $178.05 million, a PE ratio of -2.24 and a beta of 0.72.

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.