Q3 EPS Estimates for Piedmont Lithium Cut by Roth Capital

Piedmont Lithium Inc. (NASDAQ:PLL) – Stock analysts at Roth Capital cut their Q3 2024 earnings per share (EPS) estimates for Piedmont Lithium in a research report issued to clients and investors on Wednesday, October 30th. Roth Capital analyst J. Reagor now expects that the mineral exploration company will post earnings per share of ($0.26) for the quarter, down from their previous forecast of ($0.24). The consensus estimate for Piedmont Lithium’s current full-year earnings is ($2.57) per share. Roth Capital also issued estimates for Piedmont Lithium’s Q4 2024 earnings at ($0.23) EPS, FY2024 earnings at ($2.40) EPS, Q1 2025 earnings at $0.01 EPS, Q2 2025 earnings at ($0.06) EPS and FY2025 earnings at ($0.02) EPS.

Other research analysts also recently issued reports about the company. B. Riley decreased their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Roth Mkm reaffirmed a “buy” rating and set a $31.00 target price (down from $40.00) on shares of Piedmont Lithium in a report on Wednesday. BMO Capital Markets increased 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. Macquarie cut shares of Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 price objective for the company. in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Piedmont Lithium has a consensus rating of “Hold” and an average target price of $22.26.

Piedmont Lithium Stock Performance

Shares of Piedmont Lithium stock opened at $13.10 on Friday. The firm has a fifty day moving average price of $9.94 and a 200 day moving average price of $10.95. Piedmont Lithium has a 1 year low of $6.57 and a 1 year high of $31.82. 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 (NASDAQ:PLL) last posted its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The business had revenue of $13.23 million for the quarter, compared to the consensus estimate of $14.89 million. During the same period in the previous year, the company earned ($0.55) earnings per share.

Hedge Funds Weigh In On Piedmont Lithium

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLL. Point72 DIFC Ltd purchased a new position in shares of Piedmont Lithium in the second quarter valued at approximately $47,000. Cubist Systematic Strategies LLC acquired a new stake in Piedmont Lithium during the 2nd quarter worth $723,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Piedmont Lithium in the second quarter valued at about $58,000. Point72 Asset Management L.P. lifted its stake in shares of Piedmont Lithium by 20.0% in 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 buying an additional 50,000 shares in the last quarter. Finally, Millennium Management LLC boosted its position in Piedmont Lithium by 12.0% during the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock worth $3,805,000 after acquiring an additional 40,826 shares during the last quarter. 52.23% of the stock is owned by hedge funds and other institutional investors.

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.