Bank of New York Mellon Corp Buys 1,855 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

Bank of New York Mellon Corp increased its stake in Piedmont Lithium Inc. (NASDAQ:PLL) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 70,082 shares of the mineral exploration company’s stock after buying an additional 1,855 shares during the quarter. Bank of New York Mellon Corp owned about 0.36% of Piedmont Lithium worth $613,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of PLL. National Bank of Canada FI lifted its holdings in shares of Piedmont Lithium by 2,095.4% in the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after acquiring an additional 2,724 shares during the last quarter. FMR LLC raised its position in Piedmont Lithium by 38.7% in the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock worth $30,000 after purchasing an additional 936 shares during the period. GAMMA Investing LLC lifted its stake in Piedmont Lithium by 65.8% in the fourth quarter. GAMMA Investing LLC now owns 3,907 shares of the mineral exploration company’s stock worth $34,000 after purchasing an additional 1,550 shares during the last quarter. Atria Wealth Solutions Inc. purchased a new position in shares of Piedmont Lithium during the fourth quarter valued at approximately $91,000. Finally, Quantinno Capital Management LP bought a new position in shares of Piedmont Lithium during the third quarter valued at approximately $103,000. 52.23% of the stock is owned by hedge funds and other institutional investors.

Piedmont Lithium Price Performance

Shares of PLL stock opened at $6.78 on Thursday. Piedmont Lithium Inc. has a twelve month low of $6.26 and a twelve month high of $17.66. The company has a current ratio of 2.23, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. The stock has a fifty day simple moving average of $7.88 and a two-hundred day simple moving average of $9.74. The stock has a market capitalization of $148.78 million, a price-to-earnings ratio of -2.04 and a beta of 0.76.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, February 20th. The mineral exploration company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.12). Piedmont Lithium had a negative return on equity of 17.74% and a negative net margin of 64.84%. The business had revenue of $45.59 million during the quarter, compared to analysts’ expectations of $52.60 million. On average, analysts predict that Piedmont Lithium Inc. will post -0.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PLL has been the subject of a number of research analyst reports. Roth Mkm decreased their price target on Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating for the company in a research note on Friday, February 21st. Macquarie upgraded Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 6th. Finally, BMO Capital Markets upped their price target on shares of Piedmont Lithium from $9.50 to $14.00 and gave the stock a “market perform” rating in a report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $20.63.

Piedmont Lithium 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.