Piedmont Lithium Inc (PLL)

Shares of Piedmont Lithium Inc (PLL) dropped by 6.47% from $25.21 to $23.58 in the trading on Tuesday, December 5, 2023. The reason why PLL is down today is due to regulatory setbacks and delays in North Carolina regarding the company's mine permit application. North Carolina regulators granted Piedmont Lithium's request for a 180-day extension to provide additional information required for their mine permit application review. This proposed mine aims to be a significant source of lithium for electric vehicle batteries but has faced opposition from concerned local residents regarding environmental issues. Piedmont Lithium requested the extension to study the use of a synthetic liner, rather than a clay liner, for a waste rock pit. This investigation is crucial as the pit could reach heights of around 500 feet (152 meters). North Carolina regulators have been encouraging the use of synthetic liners in recent years.

Shares of Piedmont Lithium Inc (PLL) dropped by 7.25% from $27.18 to $25.21 in the trading on Monday, December 4, 2023. The reason why PLL is down today is due to broader market movements. This downturn was driven by investor caution in anticipation of key employment data set to be released later in the week. The outcome of this data could have a significant impact on expectations regarding the Federal Reserve's potential interest rate cuts early next year. The S&P 500, a broad market index, retreated during the trading session. Notably, megacap stocks such as Microsoft (MSFT), Apple (AAPL), Nvidia (NVDA), and Amazon (AMZN) saw their prices decline by over 1%. These declines were primarily attributed to the rise in U.S. Treasury yields, which made stocks less appealing for investors seeking higher returns. In contrast to the broader market decline, small-cap stocks demonstrated resilience on Monday. The Russell 2000 index rallied by approximately 1%, bringing its year-to-date gains to nearly 7%. This performance hints at underlying market dynamics beyond the immediate concerns.

Shares of Piedmont Lithium Inc (PLL) dropped by 4.84% from $26.94 to $25.64 in the trading on Thursday, November 9, 2023. The reason why PLL is down today is due to the company's disappointing third-quarter results.

• Earnings: Piedmont Lithium Inc. reported quarterly earnings of $0.88 per share, falling short of the Zacks Consensus Estimate of $1.51 per share. This marked a significant decline from the earnings of $0.36 per share reported in the same quarter the previous year. These figures are adjusted for non-recurring items. The quarterly earnings report represented a substantial earnings surprise of -41.72%. In the previous quarter, the company was expected to post a loss of $0.46 per share, but it actually reported a loss of $0.55 per share, resulting in a surprise of -19.57%. Over the last four quarters, Piedmont Lithium Inc. has consistently failed to exceed consensus EPS estimates.
• Revenue: Piedmont Lithium Inc. reported revenues of $47.13 million for the quarter ending in September 2023, falling short of the Zacks Consensus Estimate by 16.59%. This is in contrast to the previous year when the company had zero revenues in the same period.