HITE Hedge Asset Management LLC Purchases Shares of 148,662 Piedmont Lithium Inc. (NASDAQ:PLL)

HITE Hedge Asset Management LLC acquired a new position in Piedmont Lithium Inc. (NASDAQ:PLL) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 148,662 shares of the mineral exploration company’s stock, valued at approximately $1,484,000.

A number of other hedge funds have also made changes to their positions in PLL. Cubist Systematic Strategies LLC acquired a new stake in shares of Piedmont Lithium in the second quarter valued at about $723,000. Point72 DIFC Ltd acquired a new stake in Piedmont Lithium in the second quarter valued at approximately $47,000. Marshall Wace LLP purchased a new stake in shares of Piedmont Lithium during the second quarter valued at approximately $874,000. Thomist Capital Management LP acquired a new position in shares of Piedmont Lithium during the second quarter worth $171,000. Finally, Larson Financial Group LLC acquired a new position in shares of Piedmont Lithium during the second quarter worth $163,000. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PLL. BMO Capital Markets lowered 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 report on Friday, September 6th. 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 research note on Monday, August 12th. Roth Mkm reiterated a “buy” rating and issued a $40.00 price target (down previously from $61.00) on shares of Piedmont Lithium in a research note on Friday, August 9th. Finally, Macquarie reissued a “neutral” rating and issued a $9.30 price target on shares of Piedmont Lithium in a report on Monday, August 12th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Piedmont Lithium has an average rating of “Hold” and an average target price of $24.69.

Piedmont Lithium Stock Performance

Shares of PLL stock opened at $8.75 on Wednesday. Piedmont Lithium Inc. has a one year low of $6.57 and a one year high of $40.50. The company’s 50-day simple moving average is $8.64 and its 200-day simple moving average is $11.14. The company has a quick ratio of 2.32, a current ratio of 2.32 and a debt-to-equity ratio of 0.01.

Piedmont Lithium (NASDAQ:PLL) last released its earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS 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) earnings per share. As a group, research analysts forecast that Piedmont Lithium Inc. will post -2.26 earnings per share for the current year.

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.