Why Piedmont Lithium Inc. (PLL) Outpaced the Stock Market Today
Piedmont Lithium Inc. (PLL) closed at $14.64 in the latest trading session, marking a +1.04% move from the prior day. The stock exceeded the S&P 500, which registered a gain of 0.06% for the day. At the same time, the Dow added 0.13%, and the tech-heavy Nasdaq gained 0.24%.
Prior to today's trading, shares of the company had lost 40.12% over the past month. This has lagged the Basic Materials sector's loss of 4.72% and the S&P 500's gain of 6.45% in that time.
Investors will be eagerly watching for the performance of Piedmont Lithium Inc. in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.81, marking a 230.65% rise compared to the same quarter of the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Piedmont Lithium Inc. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an 85.4% decrease. Piedmont Lithium Inc. is holding a Zacks Rank of #4 (Sell) right now.
Valuation is also important, so investors should note that Piedmont Lithium Inc. has a Forward P/E ratio of 39.43 right now. This expresses a premium compared to the average Forward P/E of 12.65 of its industry.
The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry, currently bearing a Zacks Industry Rank of 162, finds itself in the bottom 36% echelons of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Piedmont Lithium Inc. (PLL) : Free Stock Analysis Report
