Piedmont Lithium Inc. (NASDAQ:PLL) Shares Sold by Jane Street Group LLC

Jane Street Group LLC cut its holdings in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 88.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,740 shares of the mineral exploration company’s stock after selling 196,741 shares during the period. Jane Street Group LLC owned about 0.13% of Piedmont Lithium worth $221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. HITE Hedge Asset Management LLC purchased a new position in shares of Piedmont Lithium during the 2nd quarter valued at approximately $1,484,000. Marshall Wace LLP acquired a new stake in Piedmont Lithium during the second quarter valued at $874,000. Cubist Systematic Strategies LLC acquired a new stake in Piedmont Lithium during the second quarter valued at $723,000. Point72 Asset Management L.P. increased its holdings in Piedmont Lithium by 20.0% in 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 buying an additional 50,000 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Piedmont Lithium by 12.0% in the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock worth $3,805,000 after acquiring an additional 40,826 shares during the period. 52.23% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Keith D. Phillips sold 41,867 shares of the stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $12.31, for a total transaction 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 represents a 19.70 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.81% of the stock is currently owned by insiders.

Piedmont Lithium Stock Performance

Shares of Piedmont Lithium stock opened at $8.94 on Monday. The firm has a market cap of $173.78 million, a PE ratio of -2.19 and a beta of 0.80. Piedmont Lithium Inc. has a 52 week low of $6.57 and a 52 week high of $24.26. The business’s fifty day simple moving average is $11.00 and its 200-day simple moving average is $10.31. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Roth Capital cut Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Macquarie raised 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 research report on Monday, October 21st. Roth Mkm lowered Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their target price for the company from $32.00 to $13.00 in a research report on Wednesday, November 20th. Finally, BMO Capital Markets boosted 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 analyst has rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Piedmont Lithium presently has an average rating of “Hold” and a consensus price target of $21.21.

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.