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

Piedmont Lithium Inc. (NASDAQ:PLL) has earned an average recommendation of “Hold” from the eight research firms that are presently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $21.42.

Several analysts have recently weighed in on the stock. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Roth Mkm lowered Piedmont Lithium from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $32.00 to $13.00 in a research report on Wednesday, November 20th. BMO Capital Markets lifted their target price on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research report on Friday, November 29th. Macquarie raised Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. Finally, Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th.

Piedmont Lithium Trading Down 1.9 %

Shares of PLL stock opened at $8.59 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium has a twelve month low of $6.57 and a twelve month high of $17.66. The company’s 50-day moving average price is $10.05 and its 200-day moving average price is $10.16. The stock has a market cap of $166.97 million, a price-to-earnings ratio of -2.10 and a beta of 0.80.

Insider Transactions at Piedmont Lithium

In other news, CEO Keith D. Phillips sold 41,867 shares of the stock in a transaction on Tuesday, December 10th. The stock was 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 in the company, valued at approximately $2,100,282.96. This trade represents 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 the SEC website. Corporate insiders own 1.81% of the company’s stock.

Institutional Investors Weigh In On Piedmont Lithium

A number of hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. increased 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 worth $2,994,000 after buying an additional 50,000 shares during the period. Cubist Systematic Strategies LLC acquired a new position in Piedmont Lithium during the 2nd quarter worth approximately $723,000. Millennium Management LLC increased its position in shares of Piedmont Lithium by 12.0% in the 2nd quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after purchasing an additional 40,826 shares during the last quarter. Marshall Wace LLP purchased a new stake in shares of Piedmont Lithium in the 2nd quarter valued at approximately $874,000. Finally, GAMMA Investing LLC raised its holdings in shares of Piedmont Lithium by 65.8% in the 4th quarter. GAMMA Investing LLC now owns 3,907 shares of the mineral exploration company’s stock valued at $34,000 after purchasing an additional 1,550 shares in the last quarter. Institutional investors and hedge funds 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.