Piedmont Lithium’s (PLL) “Underweight” Rating Reaffirmed at JPMorgan Chase & Co.

Piedmont Lithium (NASDAQ:PLL)‘s stock had its “underweight” rating reissued by stock analysts at JPMorgan Chase & Co. in a report released on Monday, Marketbeat Ratings reports. They currently have a $8.00 price objective on the mineral exploration company’s stock, down from their previous price objective of $9.00. JPMorgan Chase & Co.‘s price objective points to a potential downside of 34.10% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets lowered their target price on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating for the company in a report on Friday, September 6th. B. Riley cut their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Roth Mkm restated a “buy” rating and issued a $40.00 price target (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Finally, Macquarie lowered Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price target on the stock. in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Piedmont Lithium presently has a consensus rating of “Hold” and a consensus target price of $23.47.

Piedmont Lithium Stock Performance

PLL stock opened at $12.14 on Monday. The business’s fifty day moving average is $9.22 and its 200-day moving average is $10.96. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.01. The company has a market cap of $235.88 million, a P/E ratio of -5.95 and a beta of 0.81. Piedmont Lithium has a twelve month low of $6.57 and a twelve month high of $31.82.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The firm had revenue of $13.23 million during the quarter, compared to the consensus estimate of $14.89 million. During the same quarter in the prior year, the business posted ($0.55) earnings per share. Equities research analysts forecast that Piedmont Lithium will post -2.47 EPS for the current year.

Institutional Investors Weigh In On Piedmont Lithium

A number of institutional investors have recently made changes to their positions in PLL. PNC Financial Services Group Inc. boosted its stake in shares of Piedmont Lithium by 143.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock valued at $73,000 after buying an additional 1,521 shares during the period. GAMMA Investing LLC lifted 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 purchasing an additional 796 shares during the last quarter. Headlands Technologies LLC bought a new stake in Piedmont Lithium during the first quarter worth $25,000. State Board of Administration of Florida Retirement System bought a new stake in Piedmont Lithium during the first quarter worth $71,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in Piedmont Lithium by 49.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company’s stock worth $254,000 after purchasing an additional 6,328 shares during the last quarter. Institutional investors own 52.23% of the company’s stock.

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.