Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Rating of “Buy” from Analysts

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned an average rating of “Buy” from the nine brokerages that are covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and seven have given a buy recommendation to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $83.75.

PLL has been the topic of several recent analyst reports. Evercore ISI increased their price objective on Piedmont Lithium from $75.00 to $95.00 and gave the company an “outperform” rating in a research report on Thursday, June 10th. DA Davidson assumed coverage on Piedmont Lithium in a research report on Friday, July 23rd. They set a “buy” rating and a $85.00 target price on the stock. Zacks Investment Research downgraded Piedmont Lithium from a “hold” rating to a “sell” rating in a research report on Thursday, July 8th. Finally, JPMorgan Chase & Co. cut their target price on Piedmont Lithium from $86.00 to $84.00 and set an “overweight” rating for the company in a research note on Friday, June 11th.

Piedmont Lithium stock traded down $0.91 during midday trading on Tuesday, reaching $55.29. The stock had a trading volume of 245,588 shares, compared to its average volume of 764,176. The firm’s 50-day moving average price is $58.46 and its 200 day moving average price is $65.30. The firm has a market capitalization of $870.60 million, a PE ratio of -81.31 and a beta of 0.33. Piedmont Lithium has a 12 month low of $7.15 and a 12 month high of $88.97.

In other news, CEO Keith D. Phillips sold 22,080 shares of the company’s stock in a transaction that occurred on Tuesday, July 6th. The stock was sold at an average price of $75.40, for a total transaction of $1,664,832.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Jeffrey T. Armstrong purchased 2,500 shares of the company’s stock in a transaction dated Wednesday, July 7th. The shares were purchased at an average cost of $69.62 per share, for a total transaction of $174,050.00. Following the transaction, the director now directly owns 20,000 shares in the company, valued at approximately $1,392,400. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Large investors have recently bought and sold shares of the business. Morgan Stanley boosted its position in shares of Piedmont Lithium by 27.6% during the 2nd quarter. Morgan Stanley now owns 125,106 shares of the mineral exploration company’s stock worth $9,779,000 after acquiring an additional 27,075 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Piedmont Lithium by 105.5% in the second quarter. Wells Fargo & Company MN now owns 5,673 shares of the mineral exploration company’s stock valued at $443,000 after buying an additional 2,913 shares in the last quarter. Invesco Ltd. boosted its holdings in Piedmont Lithium by 2.7% in the second quarter. Invesco Ltd. now owns 558,806 shares of the mineral exploration company’s stock worth $43,677,000 after purchasing an additional 14,901 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Piedmont Lithium during the second quarter valued at about $856,000. Finally, Bank of America Corp DE grew its stake in Piedmont Lithium by 511.4% during the second quarter. Bank of America Corp DE now owns 3,424 shares of the mineral exploration company’s stock worth $268,000 after buying an additional 2,864 shares during the last quarter. Institutional investors own 15.42% of the company’s stock.

Piedmont Lithium Company Profile

Piedmont Lithium, Inc engages in the exploration and development of mineral properties. The company was founded on December 3, 2020 and is headquartered in Belmont, NC.

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Analyst Recommendations for Piedmont Lithium (NASDAQ:PLL)

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