Piedmont Lithium (NASDAQ:PLL) Price Target Raised to $14.00 at BMO Capital Markets

Piedmont Lithium (NASDAQ:PLL) had its price objective increased by research analysts at BMO Capital Markets from $9.50 to $14.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “market perform” rating on the mineral exploration company’s stock. BMO Capital Markets’ target price suggests a potential upside of 12.00% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Roth Capital cut shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Macquarie upgraded Piedmont Lithium from an “underperform” rating to a “neutral” rating and set a $13.50 price target on the stock in a research report on Thursday, November 21st. Roth Mkm downgraded Piedmont Lithium from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $32.00 to $13.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reiterated 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, B. Riley cut their price target 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, six have issued a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.21.

Piedmont Lithium Stock Performance

Shares of NASDAQ PLL traded up $0.15 during trading hours on Friday, reaching $12.50. The stock had a trading volume of 207,971 shares, compared to its average volume of 714,485. The firm has a 50-day moving average of $11.84 and a 200-day moving average of $10.92. The firm has a market cap of $243 million, a price-to-earnings ratio of -3.06 and a beta of 0.74. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $31.82.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. 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 valued at $2,994,000 after purchasing an additional 50,000 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in shares of Piedmont Lithium during the 2nd quarter worth approximately $723,000. Millennium Management LLC grew its holdings in shares of Piedmont Lithium by 12.0% in the 2nd 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 period. Boston Partners increased its stake in Piedmont Lithium by 154.5% in the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock valued at $2,266,000 after purchasing an additional 103,273 shares in the last quarter. Finally, Marshall Wace LLP acquired a new position in Piedmont Lithium during the second quarter worth $874,000. Institutional investors and hedge funds 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.