Piedmont Lithium Inc. (NASDAQ:PLL) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. reduced its holdings in Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 81.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,482 shares of the mineral exploration company's stock after selling 283,179 shares during the quarter. Principal Financial Group Inc. owned about 0.32% of Piedmont Lithium worth $558,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. National Bank of Canada FI raised its position in shares of Piedmont Lithium by 2,095.4% during the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company's stock worth $25,000 after purchasing an additional 2,724 shares during the last quarter. FMR LLC raised its holdings in shares of Piedmont Lithium by 38.7% in the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company's stock worth $30,000 after acquiring an additional 936 shares during the last quarter. Point72 DIFC Ltd purchased a new stake in shares of Piedmont Lithium in the second quarter valued at $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Piedmont Lithium during the second quarter valued at $58,000. Finally, Quantinno Capital Management LP purchased a new stake in Piedmont Lithium during the 3rd quarter worth about $103,000. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

Piedmont Lithium Trading Up 1.2 %

PLL stock traded up $0.12 during midday trading on Monday, reaching $9.91. 356,911 shares of the company's stock traded hands, compared to its average volume of 358,629. 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 Inc. has a fifty-two week low of $6.57 and a fifty-two week high of $26.39. The business has a 50-day moving average price of $11.33 and a two-hundred day moving average price of $10.32. The company has a market capitalization of $192.63 million, a P/E ratio of -2.42 and a beta of 0.80.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PLL shares. Roth Capital lowered shares of Piedmont Lithium from a "strong-buy" rating to a "hold" rating in a report on Wednesday, November 20th. BMO Capital Markets raised their target price on shares of 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 Piedmont Lithium from a "hold" rating to a "strong-buy" rating in a report on Friday, December 6th. Roth Mkm cut Piedmont Lithium from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $32.00 to $13.00 in a report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. reaffirmed 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Piedmont Lithium currently has an average rating of "Hold" and an average target price of $21.21.

Insider Activity at Piedmont Lithium

In other news, CEO Keith D. Phillips sold 41,867 shares of the business's stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total transaction of $515,382.77. Following the transaction, the chief executive officer now directly 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 document filed with the SEC, which is available at this hyperlink. 1.81% of the stock is owned by insiders.

Piedmont Lithium Company Profile

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.