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Piedmont Lithium Inc. (PLL) Stock Sinks As Market Gains: What You Should Know

In the latest trading session, Piedmont Lithium Inc. (PLL) closed at $57.99, marking a -1.23% move from the previous day. This move lagged the S&P 500's daily gain of 0.09%. At the same time, the Dow lost 0.03%, and the tech-heavy Nasdaq lost 2.51%.

Coming into today, shares of the company had gained 13.6% in the past month. In that same time, the Basic Materials sector gained 7.78%, while the S&P 500 gained 6.17%.

Wall Street will be looking for positivity from Piedmont Lithium Inc. as it approaches its next earnings report date. The company is expected to report EPS of -$0.40, up 29.82% from the prior-year quarter.

Investors might also notice recent changes to analyst estimates for Piedmont Lithium Inc.These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

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Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 30.49% higher within the past month. Piedmont Lithium Inc. currently has a Zacks Rank of #2 (Buy).

Digging into valuation, Piedmont Lithium Inc. currently has a Forward P/E ratio of 17.22. For comparison, its industry has an average Forward P/E of 10.38, which means Piedmont Lithium Inc. is trading at a premium to the group.

The Mining - Miscellaneous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 161, which puts it in the bottom 37% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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Piedmont Lithium Inc. (PLL) : Free Stock Analysis Report

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