Short Interest in Piedmont Lithium Inc. (NASDAQ:PLL) Declines By 19.4%

Piedmont Lithium Inc. (NASDAQ:PLL - Get Free Report) was the recipient of a large decline in short interest during the month of March. As of March 31st, there was short interest totalling 2,580,000 shares, a decline of 19.4% from the March 15th total of 3,200,000 shares. Based on an average daily volume of 676,900 shares, the days-to-cover ratio is presently 3.8 days.

Wall Street Analyst Weigh In

Several analysts have commented on the company. TD Cowen downgraded Piedmont Lithium from an "outperform" rating to a "market perform" rating and cut their target price for the company from $55.00 to $20.00 in a research note on Monday, January 29th. JPMorgan Chase & Co. reduced their price objective on Piedmont Lithium from $25.00 to $15.00 and set a "neutral" rating for the company in a report on Thursday, February 8th. BTIG Research cut shares of Piedmont Lithium from a "buy" rating to a "neutral" rating in a research note on Friday, February 23rd. Finally, BMO Capital Markets started coverage on shares of Piedmont Lithium in a research note on Friday, February 16th. They issued a "market perform" rating and a $20.00 price target for the company. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $71.67.

Piedmont Lithium Trading Down 4.9 %

NASDAQ PLL traded down $0.66 on Friday, reaching $12.68. 355,168 shares of the stock were exchanged, compared to its average volume of 522,171. Piedmont Lithium has a one year low of $11.27 and a one year high of $65.72. The firm has a market capitalization of $245.48 million, a PE ratio of -11.03 and a beta of 0.77. The company's 50-day simple moving average is $13.42 and its two-hundred day simple moving average is $22.48.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last issued its quarterly earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($1.61). The business had revenue of ($7.31) million during the quarter, compared to analyst estimates of $32.76 million. Sell-side analysts forecast that Piedmont Lithium will post -0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Piedmont Lithium

Several institutional investors have recently bought and sold shares of PLL. GAMMA Investing LLC boosted its stake in Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company's stock valued at $27,000 after buying an additional 796 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Piedmont Lithium by 143.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company's stock valued at $73,000 after acquiring an additional 1,521 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Piedmont Lithium by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 1,050,010 shares of the mineral exploration company's stock valued at $29,642,000 after purchasing an additional 28,493 shares in the last quarter. ICA Group Wealth Management LLC bought a new stake in Piedmont Lithium in the fourth quarter worth $28,000. Finally, Wellington Management Group LLP raised its stake in Piedmont Lithium by 8.8% during the fourth quarter. Wellington Management Group LLP now owns 36,340 shares of the mineral exploration company's stock valued at $1,026,000 after purchasing an additional 2,925 shares in the last quarter. 52.23% of the stock is owned by hedge funds and other institutional investors.

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.