Roth Capital Reduces Earnings Estimates for Piedmont Lithium

Piedmont Lithium Inc. (NASDAQ:PLL) – Investment analysts at Roth Capital cut their FY2024 earnings per share (EPS) estimates for Piedmont Lithium in a report issued on Tuesday, November 12th. Roth Capital analyst J. Reagor now forecasts that the mineral exploration company will post earnings per share of ($3.02) for the year, down from their prior forecast of ($2.40). The consensus estimate for Piedmont Lithium’s current full-year earnings is ($2.66) per share. Roth Capital also issued estimates for Piedmont Lithium’s Q4 2024 earnings at ($0.25) EPS, Q1 2025 earnings at $0.11 EPS, Q2 2025 earnings at ($0.03) EPS, Q3 2025 earnings at $0.03 EPS and FY2025 earnings at $0.16 EPS.

A number of other equities research analysts also recently weighed in on PLL. Roth Mkm reissued a “buy” rating and set a $31.00 price target (down from $40.00) on shares of Piedmont Lithium in a research note on Wednesday, October 30th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Macquarie downgraded 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. BMO Capital Markets boosted their target price on Piedmont Lithium from $8.50 to $9.00 and gave the stock a “market perform” rating in a report on Tuesday, October 29th. Finally, B. Riley reduced their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Two 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’s stock. Based on data from MarketBeat, Piedmont Lithium has a consensus rating of “Hold” and an average target price of $22.26.

Piedmont Lithium Stock Performance

Shares of NASDAQ PLL opened at $11.95 on Friday. The company has a current ratio of 1.99, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01. The firm’s 50-day simple moving average is $10.83 and its 200 day simple moving average is $10.97. Piedmont Lithium has a 12-month low of $6.57 and a 12-month high of $31.82.

Piedmont Lithium (NASDAQ:PLL) last announced its quarterly earnings results on Tuesday, November 12th. The mineral exploration company reported ($0.86) EPS for the quarter, missing analysts’ consensus estimates of ($0.46) by ($0.40). The business had revenue of $27.66 million for the quarter, compared to analysts’ expectations of $32.91 million.

Hedge Funds Weigh In On Piedmont Lithium

Large investors have recently modified their holdings of the company. FMR LLC lifted its position in Piedmont Lithium by 38.7% in the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after acquiring an additional 936 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Piedmont Lithium in the first quarter valued at approximately $25,000. Point72 DIFC Ltd purchased a new position in shares of Piedmont Lithium during the second quarter valued at approximately $47,000. State Board of Administration of Florida Retirement System bought a new stake in Piedmont Lithium during the first quarter worth $71,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Piedmont Lithium in the 2nd quarter valued at $58,000. 52.23% of the stock is currently owned by 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.