Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Rating of “Hold” from 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.com reports. One equities research analyst has rated the stock with a sell recommendation, five have assigned a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $21.21.

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

Piedmont Lithium Trading Down 1.8 %

Shares of NASDAQ:PLL opened at $8.94 on Monday. The firm has a fifty day moving average of $11.09 and a two-hundred day moving average of $10.30. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a 12-month low of $6.57 and a 12-month high of $24.26. The firm has a market capitalization of $173.78 million, a P/E ratio of -2.19 and a beta of 0.80.

Insiders Place Their Bets

In related news, CEO Keith D. Phillips sold 41,867 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $12.31, for a total transaction of $515,382.77. Following the completion of the transaction, the chief executive officer now owns 170,616 shares of the company’s stock, valued at approximately $2,100,282.96. The trade was a 19.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.81% of the company’s stock.

Institutional Trading of Piedmont Lithium

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in shares of Piedmont Lithium by 12.0% in the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after buying an additional 40,826 shares during the period. Point72 Asset Management L.P. raised its holdings in Piedmont Lithium by 20.0% in the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock valued at $2,994,000 after acquiring an additional 50,000 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Piedmont Lithium by 15.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 154,881 shares of the mineral exploration company’s stock worth $1,383,000 after acquiring an additional 20,481 shares during the period. HITE Hedge Asset Management LLC grew its holdings in shares of Piedmont Lithium by 2.9% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock worth $1,366,000 after purchasing an additional 4,345 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Piedmont Lithium during the second quarter valued at approximately $874,000. Institutional investors and hedge funds 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.