Point72 Asset Management L.P. Boosts Stake in Piedmont Lithium Inc. (NASDAQ:PLL)

Point72 Asset Management L.P. raised its holdings in Piedmont Lithium Inc. (NASDAQ:PLL) by 20.0% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 300,000 shares of the mineral exploration company’s stock after acquiring an additional 50,000 shares during the quarter. Point72 Asset Management L.P.’s holdings in Piedmont Lithium were worth $2,994,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Norges Bank bought a new position in shares of Piedmont Lithium in the fourth quarter worth approximately $7,148,000. Scarborough Advisors LLC purchased a new position in Piedmont Lithium in the 4th quarter worth approximately $98,000. Boston Partners increased its holdings in shares of Piedmont Lithium by 154.5% in the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after buying an additional 103,273 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Piedmont Lithium by 49.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company’s stock valued at $254,000 after buying an additional 6,328 shares in the last quarter. Finally, Raymond James & Associates bought a new stake in shares of Piedmont Lithium during the 2nd quarter worth $1,472,000. Institutional investors own 52.23% of the company’s stock.

Analysts Set New Price Targets

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

Piedmont Lithium Price Performance

PLL opened at $10.44 on Thursday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.32 and a quick ratio of 2.32. The stock’s 50 day simple moving average is $8.37 and its 200 day simple moving average is $10.99. The firm has a market cap of $202.85 million, a price-to-earnings ratio of -5.49 and a beta of 0.80. Piedmont Lithium Inc. has a 1 year low of $6.57 and a 1 year high of $38.25.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The firm 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 business posted ($0.55) earnings per share. As a group, analysts predict that Piedmont Lithium Inc. will post -2.26 earnings per share for the current year.

Piedmont Lithium 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.