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

Point72 Asset Management L.P. boosted its stake in shares of Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 187.8% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 300,000 shares of the mineral exploration company's stock after purchasing an additional 195,756 shares during the period. Point72 Asset Management L.P. owned approximately 1.54% of Piedmont Lithium worth $2,622,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets acquired a new position in shares of Piedmont Lithium during the 4th quarter worth about $33,000. Cubist Systematic Strategies LLC acquired a new stake in Piedmont Lithium in the 4th quarter valued at about $41,000. Deutsche Bank AG lifted its position in Piedmont Lithium by 31.9% during the fourth quarter. Deutsche Bank AG now owns 9,707 shares of the mineral exploration company's stock worth $85,000 after buying an additional 2,348 shares in the last quarter. Atria Wealth Solutions Inc. acquired a new position in shares of Piedmont Lithium during the 4th quarter valued at about $91,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Piedmont Lithium during the 4th quarter valued at about $98,000. 52.23% of the stock is owned by institutional investors and hedge funds.

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 equities research analyst has rated the stock with a sell rating, three have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $12.75.

Piedmont Lithium Trading Down 0.6%

PLL stock traded down $0.04 during mid-day trading on Monday, hitting $6.38. 120,226 shares of the company were exchanged, compared to its average volume of 516,619. The company has a quick ratio of 1.99, a current ratio of 2.23 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $140.02 million, a P/E ratio of -1.92 and a beta of 0.42. The business has a fifty day simple moving average of $6.77 and a 200-day simple moving average of $8.51. Piedmont Lithium Inc. has a 12-month low of $5.15 and a 12-month high of $15.44.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The mineral exploration company reported ($0.71) EPS for the quarter, missing analysts' consensus estimates of ($0.50) by ($0.21). Piedmont Lithium had a negative return on equity of 17.74% and a negative net margin of 64.84%. The firm had revenue of $20.00 million for the quarter, compared to analyst estimates of $36.34 million. On average, equities research analysts predict that Piedmont Lithium Inc. will post -0.91 earnings per share for the current fiscal year.

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.