Piedmont Lithium Inc. (NASDAQ:PLL) Given Average Recommendation of “Hold” by Brokerages

Piedmont Lithium Inc. (NASDAQ:PLL) has received an average rating of “Hold” from the nine analysts that are covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $21.21.

PLL has been the subject of a number of recent research reports. Roth Mkm cut Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $32.00 to $13.00 in a research report on Wednesday, November 20th. Macquarie raised Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. BMO Capital Markets lifted their price objective on shares of Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research report on Friday, November 29th. JPMorgan Chase & Co. restated an “underweight” rating and set a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Finally, Roth Capital downgraded shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Piedmont Lithium Price Performance

Shares of PLL opened at $9.16 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $31.82. The firm has a 50-day simple moving average of $12.23 and a 200-day simple moving average of $10.57. The company has a market capitalization of $178.05 million, a price-to-earnings ratio of -2.24 and a beta of 0.72.

Insider Transactions at Piedmont Lithium

In related news, CEO Keith D. Phillips sold 41,867 shares of the 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 directly owns 170,616 shares of the company’s stock, valued at approximately $2,100,282.96. This represents a 19.70 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.81% of the company’s stock.

Institutional Trading of Piedmont Lithium

Several institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC boosted its stake in shares of 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 during the last quarter. Point72 Asset Management L.P. boosted its stake in shares of 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 purchasing an additional 50,000 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Piedmont Lithium by 15.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 154,881 shares of the mineral exploration company’s stock worth $1,383,000 after purchasing an additional 20,481 shares during the last quarter. HITE Hedge Asset Management LLC grew its holdings in shares of Piedmont Lithium by 2.9% during the third quarter. HITE Hedge Asset Management LLC now owns 153,007 shares of the mineral exploration company’s stock worth $1,366,000 after buying an additional 4,345 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in shares of Piedmont Lithium in the second quarter valued at approximately $1,472,000. 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.