Piedmont Lithium Inc. (NASDAQ:PLL) Receives Average Recommendation of "Hold" from Brokerages

Piedmont Lithium Inc. (NASDAQ:PLL - Get Free Report) has earned an average rating of "Hold" from the nine ratings firms that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $21.21.

A number of analysts recently issued reports on the stock. Roth Mkm downgraded 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. Roth Capital downgraded shares of Piedmont Lithium from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, November 20th. BMO Capital Markets increased their price target on Piedmont Lithium from $9.50 to $14.00 and gave the company a "market perform" rating in a report on Friday, November 29th. JPMorgan Chase & Co. restated an "underweight" rating and set a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Finally, Macquarie upgraded Piedmont Lithium from a "hold" rating to a "strong-buy" rating in a research note on Friday, December 6th.

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 transaction of $515,382.77. Following the sale, the chief executive officer now owns 170,616 shares of the company's stock, valued at approximately $2,100,282.96. The trade was a 19.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.81% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PLL. HITE Hedge Asset Management LLC acquired a new stake in shares of Piedmont Lithium in the 2nd quarter worth approximately $1,484,000. Marshall Wace LLP bought a new stake in Piedmont Lithium during the second quarter worth approximately $874,000. Cubist Systematic Strategies LLC acquired a new stake in Piedmont Lithium in the second quarter worth approximately $723,000. Point72 Asset Management L.P. boosted its stake in Piedmont Lithium by 20.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company's stock valued at $2,994,000 after purchasing an additional 50,000 shares in the last quarter. Finally, Millennium Management LLC increased its position in shares of Piedmont Lithium by 12.0% during the 2nd quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company's stock valued at $3,805,000 after purchasing an additional 40,826 shares during the period. Institutional investors and hedge funds own 52.23% of the company's stock.

Piedmont Lithium Trading Up 1.2 %

PLL stock traded up $0.12 during trading on Monday, reaching $9.91. 356,911 shares of the stock traded hands, compared to its average volume of 358,629. The business's 50 day moving average price is $11.33 and its 200-day moving average price is $10.32. The firm has a market capitalization of $192.63 million, a PE ratio of -2.42 and a beta of 0.80. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.99 and a quick ratio of 1.99. Piedmont Lithium has a 52-week low of $6.57 and a 52-week high of $26.39.

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.