Piedmont Lithium Inc. (NASDAQ:PLL) Receives $21.42 Average Target Price from Brokerages

Piedmont Lithium Inc. (NASDAQ:PLL) has been assigned an average recommendation of “Hold” from the eight ratings firms that are presently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, two have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $21.42.

PLL has been the topic of a number of recent analyst reports. BMO Capital Markets raised their price target on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a report on Friday, November 29th. Macquarie raised Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. Roth Mkm downgraded Piedmont Lithium from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $32.00 to $13.00 in a research note on Wednesday, November 20th. Roth Capital cut shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $8.00 target price (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st.

Insiders Place Their Bets

In other Piedmont Lithium news, CEO Keith D. Phillips sold 41,867 shares of Piedmont Lithium stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total value of $515,382.77. Following the completion of the transaction, the chief executive officer now directly owns 170,616 shares of the company’s stock, valued at $2,100,282.96. This trade represents a 19.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.81% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PLL. Marshall Wace LLP purchased a new stake in Piedmont Lithium during the second quarter valued at approximately $874,000. Cubist Systematic Strategies LLC purchased a new stake in Piedmont Lithium during the 2nd quarter valued at $723,000. Point72 Asset Management L.P. raised its holdings in Piedmont Lithium by 20.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock valued at $2,994,000 after buying an additional 50,000 shares during the period. Millennium Management LLC lifted its position in Piedmont Lithium by 12.0% in the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock worth $3,805,000 after buying an additional 40,826 shares during the last quarter. Finally, Quest Partners LLC boosted its stake in Piedmont Lithium by 708.5% during the third quarter. Quest Partners LLC now owns 31,032 shares of the mineral exploration company’s stock worth $277,000 after buying an additional 27,194 shares during the period. Institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Stock Down 1.3 %

Shares of PLL stock opened at $8.24 on Friday. The company has a market capitalization of $160.19 million, a price-to-earnings ratio of -2.01 and a beta of 0.78. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.99 and a quick ratio of 1.99. The company’s fifty day moving average price is $9.61 and its 200-day moving average price is $10.04. Piedmont Lithium has a one year low of $6.57 and a one year high of $17.66.

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.