Piedmont Lithium (NASDAQ:PLL) Downgraded by Roth Capital to “Hold”

Piedmont Lithium (NASDAQ:PLL) was downgraded by research analysts at Roth Capital from a “strong-buy” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Roth Mkm lowered Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $32.00 to $13.00 in a research report on Wednesday. B. Riley cut their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. BMO Capital Markets upped their price objective on shares of Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a research report on Tuesday, October 29th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. 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 research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Piedmont Lithium presently has an average rating of “Hold” and a consensus target price of $19.69.

Piedmont Lithium Stock Down 14.5 %

NASDAQ:PLL opened at $10.47 on Wednesday. The company has a quick ratio of 1.99, a current 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. The stock’s fifty day simple moving average is $11.21 and its 200-day simple moving average is $10.93. The firm has a market capitalization of $203.54 million, a P/E ratio of -2.56 and a beta of 0.74.

Hedge Funds Weigh In On Piedmont Lithium

Several hedge funds have recently modified their holdings of the stock. National Bank of Canada FI raised its holdings 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 increased its position in shares of 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 purchasing an additional 936 shares during the last quarter. Point72 DIFC Ltd bought a new stake in shares of Piedmont Lithium during the 2nd quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Piedmont Lithium in the 2nd quarter valued at approximately $58,000. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of Piedmont Lithium in the 1st quarter valued at approximately $71,000. 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.