Ingalls & Snyder LLC Sells 875 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

Ingalls & Snyder LLC cut its holdings in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 7.9% during the third quarter, Holdings Channel.com reports. The fund owned 10,198 shares of the mineral exploration company’s stock after selling 875 shares during the period. Ingalls & Snyder LLC’s holdings in Piedmont Lithium were worth $91,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the business. FMR LLC raised its stake in Piedmont Lithium by 38.7% during the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after purchasing an additional 936 shares during the period. Point72 DIFC Ltd bought a new stake in shares of Piedmont Lithium during the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Piedmont Lithium in the second quarter worth $58,000. SG Americas Securities LLC bought a new position in shares of Piedmont Lithium during the second quarter worth $144,000. Finally, Larson Financial Group LLC purchased a new position in Piedmont Lithium during the second quarter valued at $163,000. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Macquarie upgraded shares of Piedmont Lithium from an “underperform” rating to a “neutral” rating and set a $13.50 price target on the stock in a research note on Thursday, November 21st. Roth Capital lowered Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. BMO Capital Markets increased their target price on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research report on Friday, November 29th. Finally, B. Riley reduced their price target on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $21.21.

Piedmont Lithium Stock Performance

NASDAQ:PLL opened at $11.98 on Thursday. The firm has a market capitalization of $232.89 million, a PE ratio of -2.96 and a beta of 0.72. The stock’s fifty day moving average is $12.10 and its 200 day moving average is $10.80. Piedmont Lithium Inc. has a fifty-two week low of $6.57 and a fifty-two week high of $31.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99.

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.