Bank of New York Mellon Corp Raises Stake in Piedmont Lithium Inc. (NASDAQ:PLL)

Bank of New York Mellon Corp increased its stake in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 36.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 82,797 shares of the mineral exploration company’s stock after buying an additional 22,013 shares during the period. Bank of New York Mellon Corp owned about 0.43% of Piedmont Lithium worth $826,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Piedmont Lithium during the 4th quarter worth $7,148,000. Raymond James & Associates bought a new position in Piedmont Lithium during the second quarter worth about $1,472,000. Boston Partners increased its stake in shares of Piedmont Lithium by 154.5% in the first quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after purchasing an additional 103,273 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Piedmont Lithium in the second quarter valued at approximately $144,000. Finally, Quest Partners LLC purchased a new stake in shares of Piedmont Lithium during the 4th quarter valued at approximately $308,000. Institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Price Performance

PLL stock opened at $7.44 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. The firm has a market cap of $144.56 million, a P/E ratio of -3.92 and a beta of 0.80. The firm’s fifty day moving average is $8.80 and its 200 day moving average is $11.22. Piedmont Lithium Inc. has a 52 week low of $6.57 and a 52 week high of $40.56.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The company had revenue of $13.23 million during the quarter, compared to analyst estimates of $14.89 million. During the same quarter last year, the firm posted ($0.55) EPS. Research analysts predict that Piedmont Lithium Inc. will post -2.26 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PLL shares. B. Riley dropped their price objective on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Roth Mkm reissued a “buy” rating and issued a $40.00 price target (down from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Macquarie restated a “neutral” rating and issued a $9.30 price objective on shares of Piedmont Lithium in a research report on Monday, August 12th. Finally, BMO Capital Markets decreased their target price on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating on the stock in a report on Friday, September 6th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $24.69.

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.