Thomist Capital Management LP Acquires New Position in Piedmont Lithium Inc. (NASDAQ:PLL)

Thomist Capital Management LP bought a new position in Piedmont Lithium Inc. (NASDAQ:PLL) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 15,713 shares of the mineral exploration company’s stock, valued at approximately $171,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ICA Group Wealth Management LLC bought a new stake in Piedmont Lithium during the fourth quarter valued at about $28,000. Headlands Technologies LLC purchased a new stake in shares of Piedmont Lithium during the first quarter worth about $25,000. GAMMA Investing LLC raised its stake in Piedmont Lithium by 66.6% during the 1st quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after purchasing an additional 796 shares during the period. PNC Financial Services Group Inc. raised its stake in Piedmont Lithium by 143.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock valued at $73,000 after purchasing an additional 1,521 shares during the period. Finally, Scarborough Advisors LLC purchased a new position in Piedmont Lithium in the 4th quarter worth approximately $98,000. Institutional investors own 52.23% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Macquarie reaffirmed a “neutral” rating and set a $9.30 price objective on shares of Piedmont Lithium in a report on Monday, August 12th. BMO Capital Markets cut their target price on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating for the company in a research note on Friday, September 6th. Roth Mkm reiterated a “buy” rating and issued a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Finally, B. Riley cut their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $24.69.

Piedmont Lithium Price Performance

PLL stock opened at $7.26 on Thursday. The company has a fifty day simple moving average of $9.02 and a two-hundred day simple moving average of $11.36. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $140.63 million, a P/E ratio of -3.88 and a beta of 0.80. Piedmont Lithium Inc. has a 52 week low of $6.57 and a 52 week high of $44.82.

Piedmont Lithium (NASDAQ:PLL) last issued its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The business had revenue of $13.23 million during the quarter, compared to the consensus estimate of $14.89 million. During the same quarter in the prior year, the firm earned ($0.55) earnings per share. Analysts anticipate that Piedmont Lithium Inc. will post -2.26 earnings per share for the current fiscal year.

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.