Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Rating of “Buy” from Brokerages

Piedmont Lithium Inc. (NASDAQ:PLL) has earned an average rating of “Buy” from the nine brokerages that are covering the stock, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation and seven have assigned a buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $83.75.

PLL has been the subject of several research reports. Zacks Investment Research downgraded Piedmont Lithium from a “hold” rating to a “sell” rating in a research report on Thursday, July 8th. Evercore ISI boosted their target price on shares of Piedmont Lithium from $75.00 to $95.00 and gave the stock an “outperform” rating in a research note on Thursday, June 10th. DA Davidson began coverage on shares of Piedmont Lithium in a research report on Friday, July 23rd. They issued a “buy” rating and a $85.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their price target on shares of Piedmont Lithium from $86.00 to $84.00 and set an “overweight” rating on the stock in a research note on Friday, June 11th.

In other Piedmont Lithium news, Director Jeffrey T. Armstrong bought 2,500 shares of the stock in a transaction dated Wednesday, July 7th. The shares were bought at an average cost of $69.62 per share, for a total transaction of $174,050.00. Following the purchase, the director now directly owns 20,000 shares of the company’s stock, valued at approximately $1,392,400. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Keith D. Phillips sold 22,080 shares of the business’s stock in a transaction that occurred on Tuesday, July 6th. The shares were sold at an average price of $75.40, for a total value of $1,664,832.00. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Axel Capital Management LLC purchased a new stake in Piedmont Lithium in the 1st quarter valued at approximately $6,949,000. Morgan Stanley boosted its position in shares of Piedmont Lithium by 479.4% during the 1st quarter. Morgan Stanley now owns 98,031 shares of the mineral exploration company’s stock valued at $6,812,000 after acquiring an additional 81,111 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Piedmont Lithium during the second quarter worth $4,658,000. BlackRock Inc. raised its position in shares of Piedmont Lithium by 430.3% in the second quarter. BlackRock Inc. now owns 71,739 shares of the mineral exploration company’s stock valued at $5,607,000 after purchasing an additional 58,211 shares during the period. Finally, Van ECK Associates Corp grew its stake in shares of Piedmont Lithium by 25.9% in the first quarter. Van ECK Associates Corp now owns 242,000 shares of the mineral exploration company’s stock valued at $16,817,000 after acquiring an additional 49,800 shares in the last quarter. Institutional investors own 15.42% of the company’s stock.

Shares of Piedmont Lithium stock traded down $0.91 on Tuesday, reaching $55.29. The company had a trading volume of 245,588 shares, compared to its average volume of 764,176. The firm has a market cap of $870.60 million, a price-to-earnings ratio of -81.31 and a beta of 0.33. Piedmont Lithium has a 1 year low of $7.15 and a 1 year high of $88.97. The firm’s 50-day moving average price is $58.46 and its two-hundred day moving average price is $65.30.

About Piedmont Lithium

Piedmont Lithium, Inc engages in the exploration and development of mineral properties. The company was founded on December 3, 2020 and is headquartered in Belmont, NC.

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Analyst Recommendations for Piedmont Lithium (NASDAQ:PLL)

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