Insider Selling: Piedmont Lithium Inc. (NASDAQ:PLL) CEO Sells 41,867 Shares of Stock

Piedmont Lithium Inc. (NASDAQ:PLL) CEO Keith D. Phillips sold 41,867 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $12.31, for a total transaction of $515,382.77. Following the completion of the transaction, the chief executive officer now directly owns 170,616 shares of the company’s stock, valued at $2,100,282.96. This trade represents a 19.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Piedmont Lithium Price Performance

Shares of PLL stock opened at $10.57 on Friday. Piedmont Lithium Inc. has a fifty-two week low of $6.57 and a fifty-two week 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. The firm has a market capitalization of $205.46 million, a price-to-earnings ratio of -2.58 and a beta of 0.72. The stock’s 50-day simple moving average is $12.45 and its 200-day simple moving average is $10.64.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Roth Mkm lowered Piedmont Lithium from a “buy” rating to a “neutral” rating and cut their target price for the company from $32.00 to $13.00 in a research note on Wednesday, November 20th. Roth Capital lowered shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Macquarie raised shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 6th. Finally, BMO Capital Markets boosted their price objective 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $21.21.

Institutional Trading of Piedmont Lithium

Several large investors have recently bought and sold shares of PLL. National Bank of Canada FI raised its holdings in shares of Piedmont Lithium by 2,095.4% in the third quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after buying an additional 2,724 shares during the last quarter. FMR LLC increased its position in shares of Piedmont Lithium by 38.7% in the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after acquiring an additional 936 shares during the period. Point72 DIFC Ltd purchased a new position in Piedmont Lithium in the 2nd quarter worth $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Piedmont Lithium during the 2nd quarter worth about $58,000. Finally, Quantinno Capital Management LP purchased a new stake in Piedmont Lithium during the 3rd quarter valued at about $103,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

About Piedmont Lithium

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.