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

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have been given an average rating of “Hold” by the eight analysts that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $21.42.

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

Piedmont Lithium Stock Up 5.6 %

Piedmont Lithium stock opened at $8.36 on Friday. Piedmont Lithium has a 1-year low of $6.57 and a 1-year high of $17.66. The firm has a market capitalization of $162.52 million, a price-to-earnings ratio of -2.04 and a beta of 0.78. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. The firm has a 50 day simple moving average of $9.77 and a 200 day simple moving average of $10.06.

Insider Buying and Selling

In other news, CEO Keith D. Phillips sold 41,867 shares of the company’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 transaction, the chief executive officer now owns 170,616 shares in the company, valued at approximately $2,100,282.96. This represents a 19.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 1.81% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Point72 Asset Management L.P. lifted its stake in shares of Piedmont Lithium by 20.0% in the second 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 in the last quarter. Cubist Systematic Strategies LLC bought a new position in Piedmont Lithium during the second quarter valued at approximately $723,000. Millennium Management LLC lifted its position in 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 purchasing an additional 40,826 shares during the period. Marshall Wace LLP bought a new position in Piedmont Lithium during the second quarter valued at approximately $874,000. Finally, GAMMA Investing LLC lifted its position in Piedmont Lithium by 65.8% during the fourth quarter. GAMMA Investing LLC now owns 3,907 shares of the mineral exploration company’s stock valued at $34,000 after purchasing an additional 1,550 shares during the period. Institutional investors own 52.23% of the company’s stock.

About Piedmont Lithium

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.