Point72 Asset Management L.P. Decreases Stock Holdings in Piedmont Lithium Inc. (NASDAQ:PLL)

Point72 Asset Management L.P. decreased its stake in Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 65.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 104,244 shares of the mineral exploration company's stock after selling 195,756 shares during the period. Point72 Asset Management L.P. owned 0.54% of Piedmont Lithium worth $931,000 as of its most recent filing with the SEC.

Several other institutional investors have also bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Piedmont Lithium in the second quarter worth about $723,000. Millennium Management LLC boosted its holdings in Piedmont Lithium by 12.0% in 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. Marshall Wace LLP purchased a new position in shares of Piedmont Lithium during the 2nd quarter valued at $874,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Piedmont Lithium by 49.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company's stock worth $254,000 after purchasing an additional 6,328 shares during the period. Finally, Raymond James & Associates bought a new stake in Piedmont Lithium during the second quarter valued at $1,472,000. Hedge funds and other institutional investors own 52.23% of the company's stock.

Piedmont Lithium Stock Down 2.9 %

Shares of NASDAQ PLL traded down $0.36 during trading on Wednesday, reaching $11.88. The company had a trading volume of 318,125 shares, compared to its average volume of 706,478. The business's 50-day moving average is $12.42 and its 200 day moving average is $10.68. The stock has a market cap of $230.92 million, a PE ratio of -2.99 and a beta of 0.72. Piedmont Lithium Inc. has a 12-month low of $6.57 and a 12-month high of $31.82. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PLL. Roth Mkm downgraded Piedmont Lithium from a "buy" rating to a "neutral" rating and dropped their price target for the company from $32.00 to $13.00 in a research report on Wednesday, November 20th. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $8.00 price objective (down from $9.00) on shares of Piedmont Lithium in a report on Monday, October 21st. Roth Capital cut Piedmont Lithium from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Macquarie upgraded Piedmont Lithium from a "hold" rating to a "strong-buy" rating in a report on Friday, December 6th. Finally, BMO Capital Markets boosted 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. One equities 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 to the stock. According to MarketBeat.com, Piedmont Lithium currently has an average rating of "Hold" and an average price target of $21.21.

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.