DA Davidson Reaffirms Buy Rating for Piedmont Lithium (NASDAQ:PLL)

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

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

Piedmont Lithium Stock Performance

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

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings data on Thursday, February 22nd. The mineral exploration company reported ($1.23) EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($1.61). The firm had revenue of ($7.31) million during the quarter, compared to analyst estimates of $32.76 million. As a group, research analysts anticipate that Piedmont Lithium will post -0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Piedmont Lithium

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its stake in Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock worth $27,000 after buying an additional 796 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Piedmont Lithium by 143.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock worth $73,000 after buying an additional 1,521 shares during the last quarter. Vanguard Group Inc. boosted its stake in 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 buying an additional 28,493 shares during the last quarter. ICA Group Wealth Management LLC acquired a new position in Piedmont Lithium during the fourth quarter worth $28,000. Finally, Wellington Management Group LLP boosted its stake in Piedmont Lithium by 8.8% during the fourth quarter. Wellington Management Group LLP now owns 36,340 shares of the mineral exploration company’s stock worth $1,026,000 after buying an additional 2,925 shares during the last quarter. Institutional investors and hedge funds own 52.23% of the company’s stock.

Piedmont Lithium Company Profile

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.