JPMorgan Chase & Co. Buys 5,831 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

JPMorgan Chase & Co. lifted its stake in Piedmont Lithium Inc. (NASDAQ:PLL) by 23.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,060 shares of the mineral exploration company’s stock after buying an additional 5,831 shares during the period. JPMorgan Chase & Co. owned approximately 0.16% of Piedmont Lithium worth $277,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PLL. Marshall Wace LLP bought a new stake in Piedmont Lithium during the 2nd quarter valued at $874,000. Cubist Systematic Strategies LLC purchased a new position in shares of Piedmont Lithium in the second quarter valued at about $723,000. Millennium Management LLC raised 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. raised its stake in shares of Piedmont Lithium by 20.0% during the second quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock valued at $2,994,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Piedmont Lithium during the second quarter worth about $58,000. Institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Stock Performance

Shares of PLL stock opened at $8.59 on Friday. The firm has a market capitalization of $166.97 million, a PE ratio of -2.10 and a beta of 0.80. The company has a 50 day moving average price of $10.05 and a 200-day moving average price of $10.16. Piedmont Lithium Inc. has a 52 week low of $6.57 and a 52 week high of $17.66. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01.

Insiders Place Their Bets

In related news, CEO Keith D. Phillips sold 41,867 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total value of $515,382.77. Following the transaction, the chief executive officer now owns 170,616 shares of the company’s stock, valued at approximately $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 SEC, which can be accessed through this link. 1.81% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Roth Capital lowered Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report 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. Macquarie upgraded shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Finally, Roth Mkm cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and reduced their price target for the company from $32.00 to $13.00 in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $21.42.

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.