Piedmont Lithium (NASDAQ: PLL) upgraded by Zacks Investment Research to “Conserve”
According to Zacks, âPiedmont Lithium Ltd is a mineral resource company. It engages in the identification, acquisition, exploration and development of resource projects primarily in Australia. Piedmont Lithium Ltd is based in Perth, Australia.
Several other analysts have also recently published reports on PLL. BTIG Research raised its price target on Piedmont Lithium shares from $ 40.00 to $ 85 in a research note on Monday, March 29. Roth Capital raised its price target on Piedmont Lithium shares from $ 39.00 to $ 81.00 and gave the company a “buy” rating in a research note on Friday, April 9. B. Riley lowered his price target on Piedmont Lithium shares from $ 93.00 to $ 90.00 and established a âbuyâ rating for the company in a research note on Wednesday, March 31. Clarkson Capital launched a hedge on the shares of Piedmont Lithium in a research note on Wednesday, May 5. They set a “buy” rating and a price target of $ 86.00 for the company. Finally, JPMorgan Chase & Co. launched coverage on Piedmont Lithium shares in a research note on Tuesday, May 4. They set an “overweight” rating and a price target of $ 86.00 for the company. One analyst rated the stock with a conservation rating and six gave the company’s stock a buy rating. The stock currently has a consensus rating of “Buy” and an average target price of $ 74.86.
PLL shares traded up $ 1.08 on Wednesday, reaching $ 69.72. 354,022 company shares were traded, for an average volume of 1,006,955. The company has a market cap of $ 1.10 billion, a P / E ratio of -102.53 and a beta of 0.35 . The company has a 50-day moving average of $ 66.48. Piedmont Lithium has a one year minimum of $ 5.45 and a one year maximum of $ 88.97.
Several hedge funds have recently changed their holdings in the company. Baldwin Brothers Inc. MA acquired a new stake in Piedmont Lithium during the 1st quarter valued at approximately $ 35,000. Rockefeller Capital Management LP acquired a new stake in Piedmont Lithium during the 1st quarter for a value of approximately $ 34,000. US Bancorp DE acquired a new stake in Piedmont Lithium during the 1st quarter valued at approximately $ 36,000. Wells Fargo & Company MN increased its stake in Piedmont Lithium by 223.3% during the 4th quarter. Wells Fargo & Company MN now owns 970 shares of the mining exploration company valued at $ 26,000 after purchasing an additional 670 shares in the last quarter. Finally, Arkadios Wealth Advisors acquired a new stake in Piedmont Lithium during the 1st quarter for an amount of approximately $ 48,000. Hedge funds and other institutional investors hold 10.83% of the company’s shares.
About Piedmont Lithium
Piedmont Lithium Limited is engaged in the exploration and development of resource projects in the United States. The company primarily owns a 100% interest in the Piedmont lithium project covering 2,126 acres of land in North Carolina, United States. She also owns a 61-acre property in Kings Mountain, North Carolina.
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The demand for lithium is expected to increase exponentially in the coming years. In fact, according to Statista, demand for lithium could very well double to 820,000 tonnes by then. Part of that demand will come from the companies that make the batteries we use every day. For example, lithium is an essential component of the batteries that power our mobile devices.
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Check out the â7 Lithium Stocks That Will Power The Electric Vehicle Boomâ.