Raymond James Financial Inc. Takes Position in Piedmont Lithium Inc. (NASDAQ:PLL)

Raymond James Financial Inc. bought a new stake in Piedmont Lithium Inc. (NASDAQ:PLL) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,226 shares of the mineral exploration company’s stock, valued at approximately $98,000. Raymond James Financial Inc. owned 0.06% of Piedmont Lithium at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its holdings in shares of Piedmont Lithium by 15.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 154,881 shares of the mineral exploration company’s stock valued at $1,383,000 after acquiring an additional 20,481 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Piedmont Lithium by 2.7% in the 4th quarter. Bank of New York Mellon Corp now owns 70,082 shares of the mineral exploration company’s stock valued at $613,000 after purchasing an additional 1,855 shares in the last quarter. Barclays PLC increased its position in Piedmont Lithium by 104.9% during the 3rd quarter. Barclays PLC now owns 34,322 shares of the mineral exploration company’s stock worth $307,000 after purchasing an additional 17,569 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Piedmont Lithium by 23.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 31,060 shares of the mineral exploration company’s stock worth $277,000 after buying an additional 5,831 shares in the last quarter. Finally, Quantinno Capital Management LP purchased a new position in shares of Piedmont Lithium during the 3rd quarter worth approximately $103,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Price Performance

Shares of NASDAQ PLL opened at $6.33 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.23 and a quick ratio of 1.99. Piedmont Lithium Inc. has a 1-year low of $5.15 and a 1-year high of $17.66. The company has a market capitalization of $138.91 million, a price-to-earnings ratio of -1.91 and a beta of 0.55. The business has a 50-day moving average of $7.12 and a 200-day moving average of $9.58.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results on Thursday, February 20th. The mineral exploration company reported ($0.55) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.43) by ($0.12). The firm had revenue of $45.59 million for the quarter, compared to analyst estimates of $52.60 million. Piedmont Lithium had a negative net margin of 64.84% and a negative return on equity of 17.74%. On average, equities analysts anticipate that Piedmont Lithium Inc. will post -0.91 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Roth Mkm reduced their price objective on Piedmont Lithium from $13.00 to $8.25 and set a “neutral” rating for the company in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Piedmont Lithium presently has a consensus rating of “Hold” and an average price target of $20.63.

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.