Point72 Asia Singapore Pte. Ltd. Takes $58,000 Position in Piedmont Lithium Inc. (NASDAQ:PLL)

Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Piedmont Lithium Inc. (NASDAQ:PLL) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 5,820 shares of the mineral exploration company’s stock, valued at approximately $58,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Piedmont Lithium in the 4th quarter valued at approximately $7,148,000. Scarborough Advisors LLC purchased a new stake in Piedmont Lithium in the fourth quarter valued at approximately $98,000. Boston Partners lifted its stake in Piedmont Lithium by 154.5% during the first quarter. Boston Partners now owns 170,097 shares of the mineral exploration company’s stock worth $2,266,000 after purchasing an additional 103,273 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Piedmont Lithium by 49.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company’s stock worth $254,000 after buying an additional 6,328 shares during the period. Finally, Raymond James & Associates acquired a new stake in shares of Piedmont Lithium in the second quarter valued at $1,472,000. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

Piedmont Lithium Price Performance

Shares of PLL opened at $9.13 on Monday. The firm has a market capitalization of $176.84 million, a price-to-earnings ratio of -4.81 and a beta of 0.80. The firm’s fifty day simple moving average is $8.47 and its 200-day simple moving average is $11.04. Piedmont Lithium Inc. has a twelve month low of $6.57 and a twelve month high of $40.50. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.53). The business had revenue of $13.23 million during the quarter, compared to the consensus estimate of $14.89 million. During the same quarter in the previous year, the company posted ($0.55) EPS. Equities analysts forecast that Piedmont Lithium Inc. will post -2.26 EPS for the current fiscal year.

Analyst Ratings Changes

PLL has been the subject of a number of research analyst reports. B. Riley lowered their target price on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, August 12th. Roth Mkm reissued a “buy” rating and issued a $40.00 price objective (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Macquarie reaffirmed a “neutral” rating and set a $9.30 target price on shares of Piedmont Lithium in a research note on Monday, August 12th. Finally, BMO Capital Markets decreased their price target on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating for the company in a research report on Friday, September 6th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $24.69.

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.