Piedmont Lithium Inc. (PLL) Ascends While Market Falls: Some Facts to Note
Piedmont Lithium Inc. (PLL) ended the recent trading session at $28.26, demonstrating a +1% swing from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.48%. At the same time, the Dow lost 1.12%, and the tech-heavy Nasdaq gained 0.38%.
Shares of the company have depreciated by 28.95% over the course of the past month, underperforming the Basic Materials sector's loss of 3.94% and the S&P 500's loss of 2.65%.
The investment community will be closely monitoring the performance of Piedmont Lithium Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on November 6, 2023. The company is predicted to post an EPS of $1.51, indicating a 519.44% growth compared to the equivalent quarter last year.
Any recent changes to analyst estimates for Piedmont Lithium Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 45.48% lower. Piedmont Lithium Inc. currently has a Zacks Rank of #5 (Strong Sell).
Digging into valuation, Piedmont Lithium Inc. currently has a Forward P/E ratio of 9.46. Its industry sports an average Forward P/E of 10.53, so one might conclude that Piedmont Lithium Inc. is trading at a discount comparatively.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 170, which puts it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Piedmont Lithium Inc. (PLL) : Free Stock Analysis Report
