Principal Financial Group Inc. Sells 283,179 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

Principal Financial Group Inc. trimmed its position in Piedmont Lithium Inc. (NASDAQ:PLL) by 81.9% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 62,482 shares of the mineral exploration company’s stock after selling 283,179 shares during the period. Principal Financial Group Inc. owned about 0.32% of Piedmont Lithium worth $558,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Point72 DIFC Ltd purchased a new stake in shares of Piedmont Lithium during the 2nd quarter valued at approximately $47,000. State Board of Administration of Florida Retirement System bought a new position in shares of Piedmont Lithium in the 1st quarter worth $71,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Piedmont Lithium during the 2nd quarter valued at $58,000. SG Americas Securities LLC bought a new position in shares of Piedmont Lithium during the 2nd quarter valued at $144,000. Finally, Thomist Capital Management LP bought a new stake in Piedmont Lithium in the 2nd quarter worth $171,000. 52.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on PLL shares. Macquarie raised shares of Piedmont Lithium from an “underperform” rating to a “neutral” rating and set a $13.50 target price for the company in a research report on Thursday. B. Riley cut their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Roth Capital downgraded shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 20th. JPMorgan Chase & Co. reissued 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. Finally, Roth Mkm downgraded shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their price target for the company from $32.00 to $13.00 in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Piedmont Lithium presently has a consensus rating of “Hold” and a consensus target price of $20.50.

Piedmont Lithium Stock Performance

PLL stock opened at $13.28 on Monday. The firm has a market cap of $258.14 million, a price-to-earnings ratio of -3.25 and a beta of 0.74. The firm has a 50-day simple moving average of $11.42 and a two-hundred day simple moving average of $10.90. Piedmont Lithium Inc. has a one year low of $6.57 and a one year 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.

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.