Nuveen Asset Management LLC Cuts Stock Position in Piedmont Lithium Inc. (NASDAQ:PLL)

Nuveen Asset Management LLC lessened its holdings in shares of Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 66.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,377 shares of the mineral exploration company's stock after selling 161,858 shares during the period. Nuveen Asset Management LLC owned approximately 0.42% of Piedmont Lithium worth $711,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Piedmont Lithium during the fourth quarter valued at $483,000. Quinn Opportunity Partners LLC purchased a new stake in Piedmont Lithium during the 4th quarter valued at about $304,000. Millennium Management LLC purchased a new stake in Piedmont Lithium during the 4th quarter valued at about $240,000. American Century Companies Inc. acquired a new position in shares of Piedmont Lithium in the fourth quarter valued at about $109,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Piedmont Lithium in the fourth quarter worth about $98,000. Hedge funds and other institutional investors own 52.23% of the company's stock.

Piedmont Lithium Stock Performance

PLL traded up $0.08 during midday trading on Friday, hitting $6.23. 100,557 shares of the company were exchanged, compared to its average volume of 508,283. The company's 50 day simple moving average is $6.68 and its 200 day simple moving average is $8.19. The firm has a market capitalization of $136.72 million, a price-to-earnings ratio of -1.88 and a beta of 0.29. Piedmont Lithium Inc. has a 1-year low of $5.15 and a 1-year high of $15.44. 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 (NASDAQ:PLL - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The mineral exploration company reported ($0.71) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.21). The company 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%. As a group, sell-side analysts predict that Piedmont Lithium Inc. will post -0.91 earnings per share for the current year.

Analyst Ratings Changes

Separately, Roth Mkm dropped their target price on Piedmont Lithium from $13.00 to $8.25 and set a "neutral" rating on the stock in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, three have given a hold rating, one has 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 presently has a consensus rating of "Hold" and a consensus target price of $12.75.

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.