Piedmont Lithium (NASDAQ:PLL) Raised to “Neutral” at Macquarie

Piedmont Lithium (NASDAQ:PLL) was upgraded by analysts at Macquarie from an “underperform” rating to a “neutral” rating in a report released on Thursday,Briefing.com Automated Import reports. The brokerage presently has a $13.50 price objective on the mineral exploration company’s stock. Macquarie’s target price indicates a potential upside of 28.94% from the stock’s previous close.

Several other brokerages have also recently issued reports on PLL. Roth Capital cut Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. BMO Capital Markets increased their price target on Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 29th. B. Riley decreased their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. JPMorgan Chase & Co. reaffirmed 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. Finally, Roth Mkm downgraded shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and cut their target price for the company from $32.00 to $13.00 in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $20.50.

Piedmont Lithium Price Performance

Piedmont Lithium stock opened at $10.47 on Thursday. 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 stock has a market cap of $203.54 million, a price-to-earnings ratio of -2.56 and a beta of 0.74. The firm has a 50-day moving average of $11.21 and a two-hundred day moving average of $10.93. Piedmont Lithium has a 1 year low of $6.57 and a 1 year high of $31.82.

Institutional Investors Weigh In On Piedmont Lithium

A number of large investors have recently modified their holdings of PLL. National Bank of Canada FI grew its holdings in shares of 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 valued at $25,000 after buying an additional 2,724 shares during the last quarter. FMR LLC lifted its position in Piedmont Lithium by 38.7% during the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after acquiring an additional 936 shares during the period. Point72 DIFC Ltd purchased a new stake in Piedmont Lithium during the 2nd quarter valued at about $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Piedmont Lithium during the 2nd quarter valued at about $58,000. Finally, State Board of Administration of Florida Retirement System acquired a new position in shares of Piedmont Lithium in the first quarter valued at about $71,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

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.