Mirae Asset Global Investments Co. Ltd. Buys 201,881 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

Mirae Asset Global Investments Co. Ltd. raised its position in shares of Piedmont Lithium Inc. (NASDAQ:PLL - Free Report) by 107.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 390,064 shares of the mineral exploration company's stock after buying an additional 201,881 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 2.03% of Piedmont Lithium worth $11,012,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PLL. Envestnet Asset Management Inc. purchased a new stake in Piedmont Lithium during the first quarter valued at about $257,000. Citigroup Inc. lifted its position in shares of Piedmont Lithium by 112.3% in the first quarter. Citigroup Inc. now owns 620 shares of the mineral exploration company's stock worth $45,000 after purchasing an additional 328 shares in the last quarter. BlackRock Inc. lifted its position in shares of Piedmont Lithium by 11.7% in the first quarter. BlackRock Inc. now owns 340,060 shares of the mineral exploration company's stock worth $24,822,000 after purchasing an additional 35,614 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Piedmont Lithium by 28.0% in the first quarter. Vanguard Group Inc. now owns 743,695 shares of the mineral exploration company's stock worth $54,283,000 after purchasing an additional 162,476 shares in the last quarter. Finally, EJF Capital LLC purchased a new stake in shares of Piedmont Lithium in the first quarter worth approximately $1,095,000. 52.23% of the stock is owned by hedge funds and other institutional investors.

Piedmont Lithium Price Performance

PLL traded down $0.66 during midday trading on Friday, hitting $12.68. 355,045 shares of the company's stock traded hands, compared to its average volume of 655,378. The company has a market cap of $245.50 million, a PE ratio of -11.03 and a beta of 0.77. The stock's fifty day simple moving average is $13.42 and its 200-day simple moving average is $22.59. Piedmont Lithium Inc. has a one year low of $11.27 and a one year high of $65.72.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last issued its quarterly earnings data on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of $0.38 by ($1.61). The company had revenue of ($7.31) million for the quarter, compared to analysts' expectations of $32.76 million. On average, research analysts expect that Piedmont Lithium Inc. will post -0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. reduced their price target on shares of Piedmont Lithium from $25.00 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, February 8th. BMO Capital Markets assumed coverage on shares of Piedmont Lithium in a research report on Friday, February 16th. They issued a "market perform" rating and a $20.00 price target for the company. TD Cowen lowered shares of Piedmont Lithium from an "outperform" rating to a "market perform" rating and reduced their price target for the stock from $55.00 to $20.00 in a research report on Monday, January 29th. Finally, BTIG Research lowered shares of Piedmont Lithium from a "buy" rating to a "neutral" rating in a research report on Friday, February 23rd. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Piedmont Lithium has a consensus rating of "Hold" and a consensus price target of $71.67.

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.