HITE Hedge Asset Management LLC Has $1.37 Million Stake in Piedmont Lithium Inc. (NASDAQ:PLL)

HITE Hedge Asset Management LLC raised its position in Piedmont Lithium Inc. (NASDAQ:PLL) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 153,007 shares of the mineral exploration company’s stock after buying an additional 4,345 shares during the period. HITE Hedge Asset Management LLC’s holdings in Piedmont Lithium were worth $1,366,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. FMR LLC increased its position in shares of Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after buying an additional 936 shares during the period. Point72 DIFC Ltd purchased a new position in Piedmont Lithium in the 2nd quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Piedmont Lithium in the 2nd quarter valued at about $58,000. SG Americas Securities LLC acquired a new stake in Piedmont Lithium during the 2nd quarter valued at approximately $144,000. Finally, Larson Financial Group LLC purchased a new position in shares of Piedmont Lithium during the 2nd quarter valued at approximately $163,000. 52.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PLL shares. B. Riley reduced their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. BMO Capital Markets increased their target price on Piedmont Lithium from $9.50 to $14.00 and gave the stock a “market perform” rating in a research report on Friday. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 price objective (down 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 decreased their price objective for the stock from $32.00 to $13.00 in a report on Wednesday, November 20th. Finally, Roth Capital cut Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $21.21.

Piedmont Lithium Price Performance

Piedmont Lithium stock opened at $12.62 on Tuesday. Piedmont Lithium Inc. has a 1 year low of $6.57 and a 1 year high of $31.82. The company’s 50 day simple moving average is $11.94 and its 200-day simple moving average is $10.84. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.99 and a quick ratio of 1.99.

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.