Deerfield Management Company L.P. Series C Makes New Investment in Piedmont Lithium Inc. (NASDAQ:PLL)

Deerfield Management Company L.P. Series C purchased a new stake in Piedmont Lithium Inc. (NASDAQ:PLL) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 39,415 shares of the mineral exploration company’s stock, valued at approximately $393,000.

Several other institutional investors have also made changes to their positions in PLL. ICA Group Wealth Management LLC bought a new stake in Piedmont Lithium during the fourth quarter worth about $28,000. Headlands Technologies LLC acquired a new position in shares of Piedmont Lithium in the 1st quarter valued at approximately $25,000. GAMMA Investing LLC raised its position in shares of Piedmont Lithium by 66.6% in the 1st quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after buying an additional 796 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of 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 worth $73,000 after acquiring an additional 1,521 shares during the period. Finally, Scarborough Advisors LLC acquired a new stake in shares of Piedmont Lithium during the 4th quarter worth approximately $98,000. 52.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on PLL shares. Roth Mkm restated a “buy” rating and set a $40.00 price objective (down from $61.00) on shares of Piedmont Lithium in a research report on Friday, August 9th. BMO Capital Markets decreased their price target on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a research note on Friday, September 6th. Macquarie restated a “neutral” rating and set a $9.30 price objective on shares of Piedmont Lithium in a research report on Monday, August 12th. Finally, B. Riley reduced their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Piedmont Lithium has an average rating of “Hold” and an average target price of $24.69.

Piedmont Lithium Stock Down 0.8 %

Shares of PLL opened at $9.13 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. Piedmont Lithium Inc. has a 52 week low of $6.57 and a 52 week high of $40.50. The stock has a market capitalization of $177.40 million, a price-to-earnings ratio of -4.81 and a beta of 0.80. The stock has a fifty day moving average of $8.47 and a 200-day moving average of $11.07.

Piedmont Lithium (NASDAQ:PLL) last posted its earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS 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 analysts’ expectations of $14.89 million. During the same period in the previous year, the company earned ($0.55) EPS. As a group, sell-side 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.