Cubist Systematic Strategies LLC purchased a new stake in shares of Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 72,494 shares of the mineral exploration company's stock, valued at approximately $723,000. Cubist Systematic Strategies LLC owned about 0.37% of Piedmont Lithium at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Piedmont Lithium in the fourth quarter valued at approximately $7,148,000. Scarborough Advisors LLC acquired a new position in Piedmont Lithium during the 4th quarter worth approximately $98,000. Boston Partners grew its holdings in Piedmont Lithium by 154.5% during the 1st quarter. Boston Partners now owns 170,097 shares of the mineral exploration company's stock worth $2,266,000 after acquiring an additional 103,273 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Piedmont Lithium by 49.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company's stock worth $254,000 after acquiring an additional 6,328 shares in the last quarter. Finally, Raymond James & Associates acquired a new position in Piedmont Lithium during the 2nd quarter worth approximately $1,472,000. Hedge funds and other institutional investors own 52.23% of the company's stock.
Piedmont Lithium Stock Performance
Piedmont Lithium stock traded up $1.99 during trading hours on Friday, reaching $11.90. 2,222,363 shares of the stock were exchanged, compared to its average volume of 638,509. The stock has a market cap of $230.49 million, a P/E ratio of -6.14 and a beta of 0.81. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. Piedmont Lithium Inc. has a 52-week low of $6.57 and a 52-week high of $36.78. The firm's 50 day moving average is $8.36 and its 200 day moving average is $10.98.
Piedmont Lithium (NASDAQ:PLL - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.53). The business had revenue of $13.23 million for the quarter, compared to the consensus estimate of $14.89 million. During the same period in the prior year, the firm posted ($0.55) EPS. Analysts predict that Piedmont Lithium Inc. will post -2.26 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have commented on PLL. Roth Mkm reiterated a "buy" rating and set a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a report on Friday, August 9th. Macquarie reiterated a "neutral" rating and set a $9.30 price target on shares of Piedmont Lithium in a report on Monday, August 12th. B. Riley lowered their price target on shares of Piedmont Lithium from $26.00 to $20.00 and set a "buy" rating for the company in a report on Monday, August 12th. Finally, BMO Capital Markets lowered their target price on shares of Piedmont Lithium from $15.00 to $8.50 and set a "market perform" rating for the company in a report on Friday, September 6th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Piedmont Lithium currently has a consensus rating of "Hold" and a consensus target price of $24.69.
Check Out Our Latest Analysis on Piedmont Lithium
About Piedmont Lithium
(
Free Report)
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.
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