Piedmont Lithium Inc. (NASDAQ:PLL) Shares Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. increased its holdings in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 187.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 300,000 shares of the mineral exploration company’s stock after acquiring an additional 195,756 shares during the quarter. Point72 Asset Management L.P. owned about 1.54% of Piedmont Lithium worth $2,622,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PLL. JPMorgan Chase & Co. boosted its position in Piedmont Lithium by 23.1% during the third quarter. JPMorgan Chase & Co. now owns 31,060 shares of the mineral exploration company’s stock worth $277,000 after acquiring an additional 5,831 shares during the last quarter. Atria Wealth Solutions Inc. acquired a new position in Piedmont Lithium during the fourth quarter worth about $91,000. Bank of New York Mellon Corp boosted its position in Piedmont Lithium by 2.7% during the fourth quarter. Bank of New York Mellon Corp now owns 70,082 shares of the mineral exploration company’s stock worth $613,000 after acquiring an additional 1,855 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Piedmont Lithium in the 4th quarter valued at about $98,000. Finally, American Century Companies Inc. acquired a new position in Piedmont Lithium in the 4th quarter valued at about $109,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

Piedmont Lithium Stock Performance

NASDAQ:PLL opened at $6.37 on Wednesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.23 and a quick ratio of 1.99. The firm has a market capitalization of $139.80 million, a price-to-earnings ratio of -1.92 and a beta of 0.42. The company’s 50-day moving average is $6.82 and its two-hundred day moving average is $8.67. Piedmont Lithium Inc. has a 1-year low of $5.15 and a 1-year high of $16.41.

Piedmont Lithium (NASDAQ:PLL) last posted its earnings results on Wednesday, May 7th. The mineral exploration company reported ($0.71) earnings per share for the quarter, missing the consensus estimate of ($0.50) by ($0.21). The firm had revenue of $20.00 million during the quarter, compared to analyst estimates of $36.34 million. Piedmont Lithium had a negative net margin of 64.84% and a negative return on equity of 17.74%. Analysts forecast that Piedmont Lithium Inc. will post -0.91 EPS for the current year.

Analyst Ratings Changes

Separately, Roth Mkm decreased their target price on shares of Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.75.

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.