Brokerages Set Piedmont Lithium Inc. (NASDAQ:PLL) PT at $21.21

Shares of Piedmont Lithium Inc. (NASDAQ:PLL) have earned an average recommendation of “Hold” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, five have issued a hold recommendation, two have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $21.21.

Several analysts recently issued reports on PLL shares. 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, November 29th. Macquarie upgraded shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 6th. Roth Mkm lowered shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $32.00 to $13.00 in a research report on Wednesday, November 20th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Finally, Roth Capital downgraded shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 20th.

Insiders Place Their Bets

In other news, CEO Keith D. Phillips sold 41,867 shares of Piedmont Lithium stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now owns 170,616 shares in the company, valued at approximately $2,100,282.96. The trade was a 19.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.81% of the company’s stock.

Institutional Trading of Piedmont Lithium

A number of institutional investors have recently bought and sold shares of PLL. Point72 Asset Management L.P. raised its stake in shares of 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 acquiring an additional 50,000 shares during the period. Cubist Systematic Strategies LLC purchased a new stake in Piedmont Lithium in the 2nd quarter worth about $723,000. Millennium Management LLC lifted its stake in 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 purchasing an additional 40,826 shares during the last quarter. Marshall Wace LLP purchased a new position in shares of Piedmont Lithium during the second quarter valued at approximately $874,000. Finally, HITE Hedge Asset Management LLC bought a new position in shares of Piedmont Lithium during the second quarter valued at approximately $1,484,000. 52.23% of the stock is currently owned by institutional investors.

Piedmont Lithium Trading Down 1.8 %

Shares of Piedmont Lithium stock opened at $8.94 on Monday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99. The company has a fifty day moving average of $11.00 and a 200 day moving average of $10.31. The company has a market capitalization of $173.78 million, a P/E ratio of -2.19 and a beta of 0.80. Piedmont Lithium has a fifty-two week low of $6.57 and a fifty-two week high of $24.26.

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.