Piedmont Lithium Inc. (NASDAQ:PLL) Shares Purchased by Point72 Asset Management L.P.

Point72 Asset Management L.P. lifted its stake in Piedmont Lithium Inc. (NASDAQ:PLL) by 187.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 300,000 shares of the mineral exploration company’s stock after acquiring an additional 195,756 shares during the quarter. Point72 Asset Management L.P.’s holdings in Piedmont Lithium were worth $2,622,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in Piedmont Lithium during the 4th quarter worth approximately $33,000. Cubist Systematic Strategies LLC purchased a new stake in Piedmont Lithium during the 4th quarter worth approximately $41,000. Deutsche Bank AG increased its stake 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 buying an additional 2,348 shares during the period. Atria Wealth Solutions Inc. purchased a new stake in Piedmont Lithium during the 4th quarter worth approximately $91,000. Finally, Raymond James Financial Inc. purchased a new stake in Piedmont Lithium during the 4th quarter worth approximately $98,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

Piedmont Lithium Trading Up 0.2%

Shares of NASDAQ:PLL opened at $6.37 on Wednesday. Piedmont Lithium Inc. has a 52 week low of $5.15 and a 52 week high of $16.41. The company’s 50 day moving average is $6.82 and its two-hundred day moving average is $8.67. The company has a current ratio of 2.23, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. The company has a market cap of $139.80 million, a PE ratio of -1.92 and a beta of 0.42.

Piedmont Lithium (NASDAQ:PLL) last announced its quarterly earnings data on Wednesday, May 7th. The mineral exploration company reported ($0.71) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.21). Piedmont Lithium had a negative net margin of 64.84% and a negative return on equity of 17.74%. The firm had revenue of $20.00 million during the quarter, compared to analysts’ expectations of $36.34 million. Equities analysts predict that Piedmont Lithium Inc. will post -0.91 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Roth Mkm cut their target price 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 equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Piedmont Lithium has an average rating of “Hold” and a consensus 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.