Piedmont Lithium Inc. (NASDAQ:PLL) Position Reduced by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its stake in Piedmont Lithium Inc. (NASDAQ:PLL) by 3.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 51,597 shares of the mineral exploration company’s stock after selling 1,570 shares during the quarter. The Manufacturers Life Insurance Company owned 0.27% of Piedmont Lithium worth $515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in the stock. Millennium Management LLC raised its position in Piedmont Lithium by 12.0% during the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after acquiring an additional 40,826 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in Piedmont Lithium during the second quarter valued at approximately $393,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Piedmont Lithium during the second quarter valued at approximately $58,000. HITE Hedge Asset Management LLC bought a new position in Piedmont Lithium during the second quarter valued at approximately $1,484,000. Finally, Cubist Systematic Strategies LLC acquired a new position in Piedmont Lithium during the second quarter valued at approximately $723,000. 52.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. BMO Capital Markets lowered their price target on Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a report on Friday, September 6th. Macquarie reiterated a “neutral” rating and set a $9.30 price target on shares of Piedmont Lithium in a report on Monday, August 12th. B. Riley lowered their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Roth Mkm restated a “buy” rating and issued a $40.00 price objective (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Five investment 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, the company currently has an average rating of “Hold” and a consensus price target of $24.69.

Piedmont Lithium Stock Down 0.4 %

PLL opened at $13.30 on Wednesday. Piedmont Lithium Inc. has a fifty-two week low of $6.57 and a fifty-two week high of $36.19. 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 firm’s fifty day moving average price is $8.97 and its two-hundred day moving average price is $11.00. The company has a market capitalization of $257.61 million, a P/E ratio of -7.00 and a beta of 0.81.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings results 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 analysts’ expectations of $14.89 million. During the same quarter in the prior year, the company earned ($0.55) EPS. On average, analysts anticipate that Piedmont Lithium Inc. will post -2.26 EPS 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.