Nuveen Asset Management LLC Trims Stake in Piedmont Lithium Inc. (NASDAQ:PLL)

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

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC bought a new position in Piedmont Lithium during the 4th quarter worth $483,000. Quinn Opportunity Partners LLC acquired a new stake in shares of Piedmont Lithium in the fourth quarter valued at about $304,000. Millennium Management LLC bought a new position in shares of Piedmont Lithium during the fourth quarter worth about $240,000. American Century Companies Inc. acquired a new position in shares of Piedmont Lithium in the fourth quarter worth approximately $109,000. Finally, Raymond James Financial Inc. bought a new stake in Piedmont Lithium in the fourth quarter valued at approximately $98,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

Piedmont Lithium Trading Up 3.9%

NASDAQ PLL traded up $0.24 on Monday, hitting $6.47. 195,838 shares of the stock were exchanged, compared to its average volume of 507,020. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 2.23. Piedmont Lithium Inc. has a 52-week low of $5.15 and a 52-week high of $15.44. The firm has a market capitalization of $141.99 million, a P/E ratio of -1.95 and a beta of 0.29. The stock has a fifty day moving average price of $6.67 and a two-hundred day moving average price of $8.10.

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

Wall Street Analyst Weigh In

Separately, Roth Mkm lowered their price objective on Piedmont Lithium from $13.00 to $8.25 and set a "neutral" rating for the company in a research 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 issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $12.75.

Piedmont Lithium 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.