Piedmont Lithium (NASDAQ:PLL) Shares Down 7.6%

Piedmont Lithium Inc. (NASDAQ:PLL) shares fell 7.6% during mid-day trading on Thursday . The stock traded as low as $27.74 and last traded at $27.74. 220,515 shares changed hands during trading, a decline of 45% from the average session volume of 398,278 shares. The stock had previously closed at $30.01.

Analyst Ratings Changes

A number of research firms have commented on PLL. B. Riley reduced their price target on shares of Piedmont Lithium from $105.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 10th. Roth Mkm reduced their target price on Piedmont Lithium from $190.00 to $184.00 and set a “buy” rating on the stock in a report on Monday, August 28th.

Piedmont Lithium Stock Performance

The stock has a fifty day simple moving average of $34.05 and a 200-day simple moving average of $47.28. The stock has a market cap of $546.14 million, a P/E ratio of -63.18 and a beta of 1.14.

Insider Activity at Piedmont Lithium

In other Piedmont Lithium news, Director Claude Demby sold 782 shares of Piedmont Lithium stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $45.12, for a total value of $35,283.84. Following the completion of the sale, the director now owns 3,455 shares in the company, valued at approximately $155,889.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.77% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Piedmont Lithium

A number of institutional investors have recently modified their holdings of PLL. Nisa Investment Advisors LLC lifted its holdings in shares of Piedmont Lithium by 150.0% during the first quarter. Nisa Investment Advisors LLC now owns 500 shares of the mineral exploration company’s stock worth $30,000 after purchasing an additional 300 shares during the period. Tucker Asset Management LLC bought a new stake in shares of Piedmont Lithium in the 2nd quarter valued at about $29,000. Geneos Wealth Management Inc. acquired a new stake in shares of Piedmont Lithium in the first quarter valued at about $36,000. Citigroup Inc. increased its stake in shares of Piedmont Lithium by 112.3% in the first quarter. Citigroup Inc. now owns 620 shares of the mineral exploration company’s stock valued at $45,000 after buying an additional 328 shares during the period. Finally, Cranbrook Wealth Management LLC bought a new position in shares of Piedmont Lithium during the second quarter worth about $47,000. Institutional investors and hedge funds own 48.76% of the company’s stock.

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 3,245 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.