Piedmont Lithium (NASDAQ:PLL) Shares Pass Above 200 Day Moving Average - What's Next?

Key Points

• Piedmont Lithium Inc. shares have crossed above their 200-day moving average of $7.17, trading as high as $9.03 before settling at $8.72.
• The company reported a quarterly loss of ($0.44) EPS, missing analysts' estimates and generating $11.86 million in revenue, below expectations of $16.03 million.
• Institutional investors control 52.23% of Piedmont Lithium's stock, with notable recent stakes acquired by Deutsche Bank AG and Jones Financial Companies Lllp.

Piedmont Lithium Inc. - Sponsored ADR (NASDAQ:PLL - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $7.17 and traded as high as $9.03. Piedmont Lithium shares last traded at $8.72, with a volume of 375,341 shares.

Piedmont Lithium Stock Down 8.9%

The company has a debt-to-equity ratio of 0.01, a current ratio of 1.81 and a quick ratio of 1.81. The firm has a 50 day simple moving average of $7.75 and a 200-day simple moving average of $7.15. The stock has a market capitalization of $159.11 million, a price-to-earnings ratio of -2.83 and a beta of 0.32.

Piedmont Lithium (NASDAQ:PLL - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The mineral exploration company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.36) by ($0.08). Piedmont Lithium had a negative return on equity of 18.57% and a negative net margin of 50.60%.The company had revenue of $11.86 million for the quarter, compared to analyst estimates of $16.03 million. On average, sell-side analysts forecast that Piedmont Lithium Inc. - Sponsored ADR will post -0.91 EPS for the current fiscal year.

Institutional Trading of Piedmont Lithium

Hedge funds and other institutional investors have recently made changes to their positions in the business. Mariner LLC raised its holdings in Piedmont Lithium by 12.0% during 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 during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Piedmont Lithium by 16.3% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 12,739 shares of the mineral exploration company's stock worth $111,000 after purchasing an additional 1,782 shares during the last quarter. American Century Companies Inc. raised its holdings in Piedmont Lithium by 8.2% during the 2nd quarter. American Century Companies Inc. now owns 25,753 shares of the mineral exploration company's stock worth $150,000 after purchasing an additional 1,958 shares during the last quarter. Deutsche Bank AG raised its holdings in Piedmont Lithium by 31.9% during the 4th quarter. Deutsche Bank AG now owns 9,707 shares of the mineral exploration company's stock worth $85,000 after purchasing an additional 2,348 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in Piedmont Lithium during the 4th quarter worth about $33,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

About Piedmont Lithium

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.