Piedmont Lithium (NASDAQ:PLL) Rating Increased to Neutral at Macquarie

Macquarie upgraded shares of Piedmont Lithium (NASDAQ:PLL) from an underperform rating to a neutral rating in a research note published on Thursday morning, Marketbeat.com reports. They currently have $13.50 target price on the mineral exploration company’s stock.

Several other brokerages have also recently commented on PLL. Roth Capital cut shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. BMO Capital Markets upped their price objective on shares of Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 29th. Roth Mkm cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $32.00 to $13.00 in a research report on Wednesday. Finally, B. Riley lowered their price objective on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $20.50.

Piedmont Lithium Price Performance

Shares of NASDAQ:PLL opened at $12.43 on Thursday. The firm has a 50 day moving average of $11.30 and a 200-day moving average of $10.94. The stock has a market capitalization of $241.64 million, a PE ratio of -2.95 and a beta of 0.74. 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 12 month low of $6.57 and a 12 month high of $31.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. National Bank of Canada FI boosted its stake in Piedmont Lithium by 2,095.4% during the third quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after acquiring an additional 2,724 shares in the last quarter. FMR LLC raised its holdings in Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after buying an additional 936 shares during the last quarter. Point72 DIFC Ltd acquired a new position in Piedmont Lithium during the second quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in Piedmont Lithium during the second quarter worth $58,000. Finally, State Board of Administration of Florida Retirement System acquired a new position in Piedmont Lithium during the first quarter worth $71,000. 52.23% of the stock is owned by institutional investors.

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.