Jane Street Group LLC Decreases Stake in Piedmont Lithium Inc. (NASDAQ:PLL)

Jane Street Group LLC trimmed its position in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 88.8% during the third quarter, Holdings Channel reports. The institutional investor owned 24,740 shares of the mineral exploration company’s stock after selling 196,741 shares during the quarter. Jane Street Group LLC’s holdings in Piedmont Lithium were worth $221,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in PLL. FMR LLC grew its holdings in Piedmont Lithium by 38.7% during the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after acquiring an additional 936 shares in the last quarter. HITE Hedge Asset Management LLC lifted its position in shares of Piedmont Lithium by 2.9% during the 3rd quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock worth $1,366,000 after purchasing an additional 4,345 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Piedmont Lithium during the second quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Piedmont Lithium in the second quarter valued at $58,000. Finally, Larson Financial Group LLC raised its stake in Piedmont Lithium by 53.0% in the third quarter. Larson Financial Group LLC now owns 24,943 shares of the mineral exploration company’s stock valued at $223,000 after buying an additional 8,643 shares in the last quarter. Institutional investors and hedge funds own 52.23% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PLL. Roth Mkm lowered Piedmont Lithium from a “buy” rating to a “neutral” rating and cut their target price for the stock from $32.00 to $13.00 in a research report on Wednesday, November 20th. Roth Capital cut shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 target price (down previously from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. BMO Capital Markets lifted their price target on shares of Piedmont Lithium from $9.50 to $14.00 and gave the stock a “market perform” rating in a research note on Friday, November 29th. Finally, Macquarie upgraded shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.21.

Insider Transactions at Piedmont Lithium

In other news, CEO Keith D. Phillips sold 41,867 shares of Piedmont Lithium stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total value of $515,382.77. Following the sale, the chief executive officer now owns 170,616 shares of the company’s stock, valued at $2,100,282.96. The trade was a 19.70 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.81% of the company’s stock.

Piedmont Lithium Trading Down 1.8 %

Shares of Piedmont Lithium stock opened at $8.94 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99. The company has a market capitalization of $173.78 million, a P/E ratio of -2.19 and a beta of 0.80. Piedmont Lithium Inc. has a 1 year low of $6.57 and a 1 year high of $24.26. The company’s fifty day moving average is $11.00 and its two-hundred day moving average is $10.31.

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.