Piedmont Lithium (NASDAQ:PLL) Releases Earnings Results, Misses Expectations By $0.40 EPS

Piedmont Lithium (NASDAQ:PLL) issued its quarterly earnings results on Tuesday. The mineral exploration company reported ($0.86) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.40), reports. The firm had revenue of $27.66 million for the quarter, compared to analyst estimates of $32.91 million.

Piedmont Lithium Stock Down 10.5 %

Shares of PLL opened at $11.95 on Friday. The firm has a market cap of $232.31 million, a P/E ratio of -2.92 and a beta of 0.74. The stock’s 50 day moving average is $10.83 and its two-hundred day moving average is $10.97. The company has a current ratio of 1.99, a quick ratio of 2.32 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.

Hedge Funds Weigh In On Piedmont Lithium

A number of institutional investors and hedge funds have recently modified their holdings of PLL. HITE Hedge Asset Management LLC acquired a new stake in shares of Piedmont Lithium during the 2nd quarter worth about $1,484,000. Raymond James & Associates purchased a new stake in Piedmont Lithium during the 2nd quarter worth $1,472,000. Boston Partners increased its holdings in Piedmont Lithium by 154.5% during the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after purchasing an additional 103,273 shares during the last quarter. Marshall Wace LLP bought a new stake in Piedmont Lithium in the second quarter valued at about $874,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Piedmont Lithium in the 2nd quarter valued at about $723,000. Institutional investors and hedge funds own 52.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. BMO Capital Markets increased their price objective on Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a report on Tuesday, October 29th. Roth Mkm reissued a “buy” rating and issued a $31.00 price target (down previously from $40.00) on shares of Piedmont Lithium in a research report on Wednesday, October 30th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. 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 research report on Wednesday, October 16th. Finally, B. Riley dropped their price target on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Piedmont Lithium currently has a consensus rating of “Hold” and an average target price of $22.26.

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.