Piedmont Lithium Inc. (NASDAQ:PLL) Given Average Rating of “Hold” by Analysts

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned a consensus recommendation of “Hold” from the nine research firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $21.21.

PLL has been the topic of a number of research reports. BMO Capital Markets raised their target price on shares of Piedmont Lithium from $9.50 to $14.00 and gave the stock a “market perform” rating in a research report on Friday, November 29th. Roth Mkm lowered Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their target price for the company from $32.00 to $13.00 in a research report on Wednesday, November 20th. Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Macquarie upgraded Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st.

Piedmont Lithium Trading Down 1.8 %

NASDAQ PLL opened at $8.94 on Monday. The stock has a market cap of $173.78 million, a PE ratio of -2.19 and a beta of 0.80. Piedmont Lithium has a 12 month low of $6.57 and a 12 month high of $24.26. The company’s 50-day moving average price is $11.00 and its 200-day moving average price is $10.31. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01.

Insider Activity at Piedmont Lithium

In other Piedmont Lithium news, CEO Keith D. Phillips sold 41,867 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total value of $515,382.77. Following the completion of the sale, the chief executive officer now directly owns 170,616 shares in the company, valued at $2,100,282.96. This trade represents a 19.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.81% of the stock is owned by corporate insiders.

Institutional Trading of Piedmont Lithium

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asset Management L.P. grew its stake in Piedmont Lithium by 20.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,994,000 after buying an additional 50,000 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Piedmont Lithium during the second quarter worth about $723,000. Millennium Management LLC increased its holdings in shares of Piedmont Lithium by 12.0% during the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after acquiring an additional 40,826 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Piedmont Lithium in the 2nd quarter valued at approximately $874,000. Finally, HITE Hedge Asset Management LLC acquired a new stake in Piedmont Lithium in the 2nd quarter worth approximately $1,484,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Company Profile

Piedmont Lithium Inc, a development stage company, engages in the exploration and development of resource projects in the United States. The company primarily holds a 100% interest in the Carolina Lithium Project that include an area of approximately 3,706 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.