Piedmont Lithium Inc. (NASDAQ:PLL) Holdings Trimmed by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. reduced its position in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 15.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 8,241 shares of the mineral exploration company’s stock after selling 1,514 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Piedmont Lithium were worth $233,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PLL. FNY Investment Advisers LLC acquired a new position in shares of Piedmont Lithium in the 4th quarter valued at about $62,000. SG Americas Securities LLC grew its position in Piedmont Lithium by 83.5% during the fourth quarter. SG Americas Securities LLC now owns 23,542 shares of the mineral exploration company’s stock valued at $665,000 after purchasing an additional 10,713 shares in the last quarter. Vanguard Group Inc. increased its stake in Piedmont Lithium by 4.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,021,517 shares of the mineral exploration company’s stock valued at $40,554,000 after buying an additional 44,335 shares during the period. Polar Capital Holdings Plc lifted its position in Piedmont Lithium by 364.8% in the 3rd quarter. Polar Capital Holdings Plc now owns 92,500 shares of the mineral exploration company’s stock worth $3,672,000 after buying an additional 72,600 shares in the last quarter. Finally, Kennedy Capital Management LLC lifted its position in Piedmont Lithium by 11.0% in the 3rd quarter. Kennedy Capital Management LLC now owns 54,770 shares of the mineral exploration company’s stock worth $2,174,000 after buying an additional 5,429 shares in the last quarter. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Price Performance

Shares of NASDAQ:PLL opened at $11.63 on Wednesday. The stock has a market capitalization of $225.16 million, a P/E ratio of -10.11 and a beta of 0.78. The business has a 50-day moving average of $13.26 and a two-hundred day moving average of $21.18. Piedmont Lithium Inc. has a fifty-two week low of $10.92 and a fifty-two week high of $65.72.

Piedmont Lithium (NASDAQ:PLL) last posted its earnings results 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 during the quarter, compared to analysts’ expectations of $32.76 million. As a group, research analysts expect that Piedmont Lithium Inc. will post -0.43 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. BMO Capital Markets started coverage on shares of Piedmont Lithium in a report on Friday, February 16th. They set a “market perform” rating and a $20.00 price target on the stock. TD Cowen downgraded Piedmont Lithium from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $55.00 to $20.00 in a research note on Monday, January 29th. DA Davidson reaffirmed a “buy” rating and issued a $60.00 target price on shares of Piedmont Lithium in a research report on Tuesday, April 16th. BTIG Research lowered Piedmont Lithium from a “buy” rating to a “neutral” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, February 8th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $65.67.

Piedmont Lithium 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.