Macquarie Downgrades Piedmont Lithium (NASDAQ:PLL) to Underperform

Macquarie lowered shares of Piedmont Lithium (NASDAQ:PLL) from a neutral rating to an underperform rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. They currently have $7.80 price target on the mineral exploration company’s stock.

A number of other research firms also recently weighed in on PLL. Roth Mkm restated a “buy” rating and issued a $40.00 target price (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. BMO Capital Markets reduced their price objective on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a research note on Friday, September 6th. Finally, B. Riley lowered their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $24.47.

Piedmont Lithium Stock Performance

NASDAQ PLL opened at $12.25 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.32 and a quick ratio of 2.32. Piedmont Lithium has a 1-year low of $6.57 and a 1-year high of $36.19. The business has a 50 day simple moving average of $9.03 and a two-hundred day simple moving average of $11.01. The stock has a market capitalization of $237.27 million, a PE ratio of -6.45 and a beta of 0.81.

Piedmont Lithium (NASDAQ:PLL) last posted its 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 company had revenue of $13.23 million for the quarter, compared to analysts’ expectations of $14.89 million. During the same period in the previous year, the business posted ($0.55) earnings per share. On average, research analysts predict that Piedmont Lithium will post -2.26 EPS for the current fiscal year.

Institutional Trading of Piedmont Lithium

Several institutional investors have recently added to or reduced their stakes in PLL. Point72 DIFC Ltd bought a new position in shares of Piedmont Lithium during the second quarter valued at approximately $47,000. Cubist Systematic Strategies LLC bought a new position in Piedmont Lithium in the 2nd quarter valued at $723,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Piedmont Lithium in the second quarter worth $58,000. Point72 Asset Management L.P. lifted its position in shares of Piedmont Lithium by 20.0% during the second quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,994,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Piedmont Lithium by 12.0% during the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after purchasing an additional 40,826 shares during the period. 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.