HITE Hedge Asset Management LLC Sells 115,984 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

HITE Hedge Asset Management LLC reduced its position in Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 75.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 37,023 shares of the mineral exploration company's stock after selling 115,984 shares during the quarter. HITE Hedge Asset Management LLC owned about 0.19% of Piedmont Lithium worth $324,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Mariner LLC lifted its stake in Piedmont Lithium by 12.0% in the 4th quarter. Mariner LLC now owns 12,262 shares of the mineral exploration company's stock worth $107,000 after purchasing an additional 1,313 shares in the last quarter. Quinn Opportunity Partners LLC purchased a new stake in shares of Piedmont Lithium in the fourth quarter worth $304,000. Raymond James Financial Inc. bought a new stake in Piedmont Lithium during the fourth quarter valued at $98,000. Geode Capital Management LLC grew its position in Piedmont Lithium by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 413,366 shares of the mineral exploration company's stock worth $3,614,000 after buying an additional 4,505 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Piedmont Lithium by 6.0% in the 4th quarter. JPMorgan Chase & Co. now owns 32,938 shares of the mineral exploration company's stock worth $288,000 after acquiring an additional 1,878 shares during the last quarter. Hedge funds and other institutional investors own 52.23% of the company's stock.

Piedmont Lithium Trading Up 1.1 %

Shares of NASDAQ:PLL traded up $0.08 on Wednesday, hitting $7.22. The company had a trading volume of 95,600 shares, compared to its average volume of 540,191. Piedmont Lithium Inc. has a 1 year low of $5.15 and a 1 year high of $16.59. 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's 50-day simple moving average is $6.90 and its two-hundred day simple moving average is $9.43. The firm has a market capitalization of $158.44 million, a price-to-earnings ratio of -2.17 and a beta of 0.55.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last announced its earnings results on Thursday, February 20th. The mineral exploration company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.12). The firm had revenue of $45.59 million during the quarter, compared to the consensus estimate of $52.60 million. Piedmont Lithium had a negative return on equity of 17.74% and a negative net margin of 64.84%. Equities analysts anticipate that Piedmont Lithium Inc. will post -0.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Roth Mkm cut their price objective on Piedmont Lithium from $13.00 to $8.25 and set a "neutral" rating for the company in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target 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.