Piedmont Lithium Inc. (NASDAQ:PLL) CEO Keith D. Phillips Sells 41,867 Shares

Piedmont Lithium Inc. (NASDAQ:PLL) CEO Keith D. Phillips sold 41,867 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total value of $515,382.77. Following the sale, the chief executive officer now directly owns 170,616 shares in the company, valued at approximately $2,100,282.96. The trade was a 19.70 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Piedmont Lithium Stock Performance

Shares of PLL stock opened at $11.44 on Friday. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 0.01. The firm has a fifty day simple moving average of $12.48 and a two-hundred day simple moving average of $10.69. The firm has a market capitalization of $222.39 million, a PE ratio of -2.80 and a beta of 0.72. Piedmont Lithium Inc. has a 12 month low of $6.57 and a 12 month high of $31.82.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Roth Mkm downgraded Piedmont Lithium from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $32.00 to $13.00 in a research note on Wednesday, November 20th. BMO Capital Markets increased their price target on Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a report on Friday, November 29th. Roth Capital lowered Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Finally, Macquarie upgraded shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 6th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $21.21.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLL. Point72 Asset Management L.P. increased its stake in shares of Piedmont Lithium by 20.0% during 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 buying an additional 50,000 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Piedmont Lithium in the 2nd quarter valued at $723,000. Millennium Management LLC grew its holdings in Piedmont Lithium by 12.0% during the 2nd quarter. Millennium Management LLC now owns 381,248 shares of the mineral exploration company’s stock valued at $3,805,000 after buying an additional 40,826 shares in the last quarter. Marshall Wace LLP purchased a new stake in Piedmont Lithium during the 2nd quarter valued at $874,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Piedmont Lithium by 49.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 19,054 shares of the mineral exploration company’s stock valued at $254,000 after buying an additional 6,328 shares in the last quarter. 52.23% of the stock is currently owned by hedge funds and other institutional investors.

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.