Piedmont Lithium Inc. (PLL) shares ended the last trading session 11.3% higher at $9.20. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 2.6% gain over the past four weeks.
Shares of Piedmont Lithium gained since the news that it has established an At Market Issuance Sales Agreement with B. Riley Securities, Inc. The agreement allows Piedmont Lithium to potentially sell common stock through B. Riley Securities. This move will enhance the company’s ability to finance ongoing operations and development projects.
The company also received an environmental permit last week from Ghana’s Environmental Protection Agency for its Ewoyaa Lithium Project. The EPA permit approval is a critical milestone for Ghana's first lithium mine. The construction of Ghana's first lithium mine will help meet the growing demand for electric vehicles and clean energy alternatives.
This company is expected to post quarterly loss of $0.33 per share in its upcoming report, which represents a year-over-year change of -137.5%. Revenues are expected to be $34.68 million, down 26.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Piedmont Lithium, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on PLL going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Piedmont Lithium is part of the Zacks Mining - Miscellaneous industry. Globe Specialty Metals (GSM), another stock in the same industry, closed the last trading session 1.9% higher at $4.39. GSM has returned -2.3% in the past month.
For Globe Specialty Metals
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