HITE Hedge Asset Management LLC Has $1.37 Million Stake in Piedmont Lithium Inc. (NASDAQ:PLL)

HITE Hedge Asset Management LLC lifted its position in Piedmont Lithium Inc. (NASDAQ:PLL) by 2.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 153,007 shares of the mineral exploration company’s stock after acquiring an additional 4,345 shares during the quarter. HITE Hedge Asset Management LLC owned approximately 0.79% of Piedmont Lithium worth $1,366,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PLL. Raymond James & Associates purchased a new position in Piedmont Lithium during the second quarter valued at $1,472,000. Marshall Wace LLP bought a new position in shares of Piedmont Lithium during the 2nd quarter worth $874,000. Cubist Systematic Strategies LLC purchased a new position in shares of Piedmont Lithium in the second quarter worth about $723,000. Point72 Asset Management L.P. grew its holdings in Piedmont Lithium by 20.0% in the second quarter. Point72 Asset Management L.P. now owns 300,000 shares of the mineral exploration company’s stock valued at $2,994,000 after purchasing an additional 50,000 shares during the period. Finally, Millennium Management LLC lifted its position in Piedmont Lithium by 12.0% during the second quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock worth $3,805,000 after buying an additional 40,826 shares in the last quarter. 52.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Roth Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 20th. Macquarie upgraded shares of Piedmont Lithium from an “underperform” rating to a “neutral” rating and set a $13.50 price target on the stock in a research report on Thursday, November 21st. Roth Mkm downgraded shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their price target for the company from $32.00 to $13.00 in a research note on Wednesday, November 20th. B. Riley lowered their price target on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Finally, BMO Capital Markets upped their price objective on shares of Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research note on Friday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $21.21.

Piedmont Lithium Trading Up 0.5 %

Shares of PLL stock opened at $12.62 on Tuesday. Piedmont Lithium Inc. has a 1-year low of $6.57 and a 1-year high of $31.82. The stock’s fifty day simple moving average is $11.94 and its 200-day simple moving average is $10.84. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01.

Piedmont Lithium Company 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.