Invesco Ltd. Sells 188,833 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

Invesco Ltd. decreased its holdings in shares of Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 26.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 524,954 shares of the mineral exploration company's stock after selling 188,833 shares during the period. Invesco Ltd. owned about 2.70% of Piedmont Lithium worth $4,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PLL. GAMMA Investing LLC lifted its holdings in shares of Piedmont Lithium by 65.8% during the 4th quarter. GAMMA Investing LLC now owns 3,907 shares of the mineral exploration company's stock valued at $34,000 after purchasing an additional 1,550 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in 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 worth $613,000 after acquiring an additional 1,855 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Piedmont Lithium by 6.0% during the fourth quarter. JPMorgan Chase & Co. now owns 32,938 shares of the mineral exploration company's stock valued at $288,000 after acquiring an additional 1,878 shares in the last quarter. Geode Capital Management LLC boosted its stake in Piedmont Lithium by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 413,366 shares of the mineral exploration company's stock worth $3,614,000 after purchasing an additional 4,505 shares in the last quarter. Finally, Atria Wealth Solutions Inc. acquired a new position in Piedmont Lithium during the 4th quarter valued at approximately $91,000. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Roth Mkm cut their price objective on shares of Piedmont Lithium from $13.00 to $8.25 and set a "neutral" rating on the stock in a research note on Friday, February 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Piedmont Lithium has an average rating of "Hold" and an average target price of $12.75.

Piedmont Lithium Stock Performance

Shares of NASDAQ:PLL traded up $0.35 on Thursday, reaching $7.83. The company's stock had a trading volume of 81,472 shares, compared to its average volume of 534,523. The stock has a market capitalization of $171.71 million, a P/E ratio of -2.36 and a beta of 0.55. Piedmont Lithium Inc. has a 52-week low of $5.15 and a 52-week high of $16.59. The stock's 50-day moving average is $6.87 and its two-hundred day moving average is $9.22. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.23 and a quick ratio of 1.99.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The mineral exploration company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.43) by ($0.12). The business had revenue of $45.59 million for the quarter, compared to analyst estimates of $52.60 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 forecast that Piedmont Lithium Inc. will post -0.91 EPS for the current year.

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.