Cubist Systematic Strategies LLC Invests $723,000 in Piedmont Lithium Inc. (NASDAQ:PLL)

Cubist Systematic Strategies LLC bought a new stake in Piedmont Lithium Inc. (NASDAQ:PLL) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 72,494 shares of the mineral exploration company’s stock, valued at approximately $723,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Point72 Asset Management L.P. boosted its holdings in shares of 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 during the last quarter. Scarborough Advisors LLC acquired a new position in Piedmont Lithium during the fourth quarter valued at $98,000. Boston Partners grew its position in Piedmont Lithium by 154.5% during the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after purchasing an additional 103,273 shares during the period. Price T Rowe Associates Inc. MD raised its stake 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 during the last quarter. Finally, Marshall Wace LLP purchased a new position in shares of Piedmont Lithium during the 2nd quarter valued at about $874,000. Institutional investors and hedge funds own 52.23% of the company’s stock.

Piedmont Lithium Trading Up 5.6 %

Shares of PLL stock opened at $14.46 on Friday. The stock has a 50 day simple moving average of $8.80 and a 200-day simple moving average of $11.03. Piedmont Lithium Inc. has a 1-year low of $6.57 and a 1-year high of $36.65. The company has a market cap of $280.96 million, a price-to-earnings ratio of -7.09 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.32 and a quick ratio of 2.32.

Piedmont Lithium (NASDAQ:PLL) last posted 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 business had revenue of $13.23 million for the quarter, compared to the consensus estimate of $14.89 million. During the same period in the previous year, the company earned ($0.55) EPS. On average, equities research analysts expect that Piedmont Lithium Inc. will post -2.26 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PLL has been the topic of a number of recent research reports. BMO Capital Markets lowered their target price 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. B. Riley lowered their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Roth Mkm reaffirmed a “buy” rating and set a $40.00 target price (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Finally, Macquarie reissued a “neutral” rating and set a $9.30 price target on shares of Piedmont Lithium in a report 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 a consensus rating of “Hold” and a consensus price target of $24.69.

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.