Piedmont Lithium Inc. (PLL) Stock Drops Despite Market Gains: Important Facts to Note
Piedmont Lithium Inc. (PLL) closed the most recent trading day at $17.28, moving -1.03% from the previous trading session. The stock fell short of the S&P 500, which registered a gain of 0.08% for the day. Meanwhile, the Dow lost 0.26%, and the Nasdaq, a tech-heavy index, added 0.36%.
The the stock of company has fallen by 41.25% in the past month, lagging the Basic Materials sector's loss of 6.84% and the S&P 500's gain of 2.4%.
Analysts and investors alike will be keeping a close eye on the performance of Piedmont Lithium Inc. in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.80, indicating a 229.03% growth compared to the equivalent quarter last year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Piedmont Lithium Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 18.17% lower within the past month. Piedmont Lithium Inc. is currently a Zacks Rank #5 (Strong Sell).
With respect to valuation, Piedmont Lithium Inc. is currently being traded at a Forward P/E ratio of 8.48. This valuation marks a discount compared to its industry's average Forward P/E of 11.58.
The Mining - Miscellaneous industry is part of the Basic Materials sector. With its current Zacks Industry Rank of 164, this industry ranks in the bottom 35% of all industries, numbering over 250.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow PLL in the coming trading sessions, be sure to utilize Zacks.com.
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Piedmont Lithium Inc. (PLL) : Free Stock Analysis Report
