B. Riley Decreases Earnings Estimates for Piedmont Lithium

Piedmont Lithium Inc. (NASDAQ:PLL) – Investment analysts at B. Riley reduced their FY2024 EPS estimates for shares of Piedmont Lithium in a note issued to investors on Wednesday, November 13th. B. Riley analyst M. Key now expects that the mineral exploration company will post earnings of ($3.33) per share for the year, down from their previous estimate of ($2.59). B. Riley has a “Buy” rating and a $20.00 price objective on the stock. The consensus estimate for Piedmont Lithium’s current full-year earnings is ($3.08) per share. B. Riley also issued estimates for Piedmont Lithium’s Q4 2024 earnings at ($0.56) EPS, FY2025 earnings at ($1.16) EPS and FY2026 earnings at $0.19 EPS.

Several other equities research analysts also recently issued reports on PLL. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. BMO Capital Markets raised their price target on shares of Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a report on Tuesday, October 29th. Roth Mkm reiterated a “buy” rating and issued a $31.00 price objective (down previously from $40.00) on shares of Piedmont Lithium in a research note on Wednesday, October 30th. Finally, Macquarie lowered shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price for the company. in a research note 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 company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $22.26.

Piedmont Lithium Stock Performance

Shares of Piedmont Lithium stock opened at $12.25 on Monday. Piedmont Lithium has a 12 month low of $6.57 and a 12 month high of $31.82. The company has a quick ratio of 2.32, a current ratio of 1.99 and a debt-to-equity ratio of 0.01. The stock has a market cap of $238.14 million, a PE ratio of -3.00 and a beta of 0.74. The business has a fifty day simple moving average of $11.04 and a 200-day simple moving average of $10.94.

Institutional Trading of Piedmont Lithium

A number of institutional investors have recently added to or reduced their stakes in PLL. HITE Hedge Asset Management LLC acquired a new stake in shares of Piedmont Lithium in the second quarter worth about $1,484,000. Raymond James & Associates bought a new position in shares of Piedmont Lithium in the 2nd quarter valued at approximately $1,472,000. Boston Partners lifted its holdings in Piedmont Lithium by 154.5% in the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after purchasing an additional 103,273 shares during the last quarter. Marshall Wace LLP bought a new stake in Piedmont Lithium during the second quarter worth approximately $874,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Piedmont Lithium during the second quarter valued at approximately $723,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

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.