Piedmont Lithium Inc. (NASDAQ:PLL) Receives $21.21 Average PT from Analysts

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned a consensus rating of “Hold” from the nine analysts that are currently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $21.21.

A number of brokerages have recently weighed in on PLL. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Roth Mkm cut Piedmont Lithium from a “buy” rating to a “neutral” rating and lowered their target price for the company from $32.00 to $13.00 in a research note on Wednesday, November 20th. BMO Capital Markets upped their target price on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a report on Friday, November 29th. Roth Capital cut shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Macquarie raised shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 6th.

Piedmont Lithium Trading Down 7.6 %

NASDAQ PLL opened at $10.57 on Thursday. The firm’s 50 day moving average price is $12.45 and its two-hundred day moving average price is $10.64. The stock has a market cap of $205.46 million, a price-to-earnings ratio of -2.58 and a beta of 0.72. Piedmont Lithium has a twelve month low of $6.57 and a twelve month high of $31.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99.

Insider Buying and Selling

In other Piedmont Lithium news, CEO Keith D. Phillips sold 41,867 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $12.31, for a total transaction of $515,382.77. Following the transaction, the chief executive officer now directly owns 170,616 shares in the company, valued at $2,100,282.96. This trade represents a 19.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.81% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in PLL. Millennium Management LLC grew its stake in Piedmont Lithium by 12.0% in the 2nd quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after buying an additional 40,826 shares during the last quarter. Point72 Asset Management L.P. lifted its position in Piedmont Lithium by 20.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock worth $2,994,000 after acquiring an additional 50,000 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Piedmont Lithium by 15.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 154,881 shares of the mineral exploration company’s stock valued at $1,383,000 after acquiring an additional 20,481 shares during the period. HITE Hedge Asset Management LLC grew its position in shares of Piedmont Lithium by 2.9% in the third quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock valued at $1,366,000 after purchasing an additional 4,345 shares during the last quarter. Finally, Raymond James & Associates bought a new position in shares of Piedmont Lithium in the second quarter worth about $1,472,000. Institutional investors and hedge funds own 52.23% of the company’s stock.

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.