Point72 Asset Management L.P. Has $2.62 Million Position in Piedmont Lithium Inc. (NASDAQ:PLL)

Point72 Asset Management L.P. increased its position in shares of Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 187.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 1.54% of Piedmont Lithium worth $2,622,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC bought a new position in shares of Piedmont Lithium in the fourth quarter valued at $483,000. Bank of New York Mellon Corp increased its holdings in shares of Piedmont Lithium by 2.7% in the fourth quarter. Bank of New York Mellon Corp now owns 70,082 shares of the mineral exploration company's stock valued at $613,000 after buying an additional 1,855 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Piedmont Lithium by 6.0% in the fourth quarter. JPMorgan Chase & Co. now owns 32,938 shares of the mineral exploration company's stock valued at $288,000 after buying an additional 1,878 shares in the last quarter. Atria Wealth Solutions Inc. bought a new position in shares of Piedmont Lithium in the fourth quarter valued at $91,000. Finally, Raymond James Financial Inc. bought a new position in shares of Piedmont Lithium in the fourth quarter valued at $98,000. Institutional investors own 52.23% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm dropped their price target on 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 assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Piedmont Lithium has an average rating of "Hold" and a consensus target price of $12.75.

Piedmont Lithium Stock Down 0.6%

NASDAQ:PLL traded down $0.04 during trading hours on Friday, hitting $6.38. 120,226 shares of the stock traded hands, compared to its average volume of 515,998. The firm has a 50 day moving average price of $6.78 and a 200 day moving average price of $8.61. The company has a current ratio of 2.23, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. Piedmont Lithium Inc. has a fifty-two week low of $5.15 and a fifty-two week high of $15.44. The firm has a market cap of $140.02 million, a price-to-earnings ratio of -1.92 and a beta of 0.42.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The mineral exploration company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.50) by ($0.21). The business had revenue of $20.00 million during the quarter, compared to analysts' expectations of $36.34 million. Piedmont Lithium had a negative return on equity of 17.74% and a negative net margin of 64.84%. Equities research analysts anticipate that Piedmont Lithium Inc. will post -0.91 earnings per share for the current 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.