HITE Hedge Asset Management LLC Grows Stock Holdings in Piedmont Lithium Inc. (NASDAQ:PLL)

HITE Hedge Asset Management LLC raised its holdings in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 2.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 153,007 shares of the mineral exploration company’s stock after buying an additional 4,345 shares during the period. HITE Hedge Asset Management LLC’s holdings in Piedmont Lithium were worth $1,366,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its holdings in shares of Piedmont Lithium by 38.7% in the 3rd quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after buying an additional 936 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Piedmont Lithium in the second quarter valued at approximately $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Piedmont Lithium in the 2nd quarter valued at $58,000. SG Americas Securities LLC bought a new position in Piedmont Lithium during the 2nd quarter worth $144,000. Finally, Larson Financial Group LLC acquired a new position in shares of Piedmont Lithium in the 2nd quarter valued at about $163,000. Institutional investors own 52.23% of the company’s stock.

Piedmont Lithium Price Performance

PLL stock opened at $12.62 on Tuesday. Piedmont Lithium Inc. has a one year low of $6.57 and a one year high of $31.82. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01. The company has a 50 day moving average price of $11.94 and a two-hundred day moving average price of $10.84.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th. BMO Capital Markets upped their price target on shares of Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a report on Friday. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $8.00 target price (down from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. Roth Mkm cut Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $32.00 to $13.00 in a report on Wednesday, November 20th. Finally, B. Riley lowered their price target on Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.21.

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.