Piedmont Lithium (NASDAQ:PLL) Stock Passes Above 200-Day Moving Average – Should You Sell?

Piedmont Lithium Inc. (NASDAQ:PLL) passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $10.95 and traded as high as $14.60. Piedmont Lithium shares last traded at $12.95, with a volume of 1,571,441 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently commented on PLL. Roth Mkm reissued a “buy” rating and set a $31.00 target price (down previously from $40.00) on shares of Piedmont Lithium in a research note on Wednesday, October 30th. Macquarie downgraded Piedmont Lithium from a “neutral” rating to an “underperform” rating and set a $7.80 target price on the stock. in a research report on Wednesday, October 16th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $8.00 price target (down from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. BMO Capital Markets raised their price objective on Piedmont Lithium from $8.50 to $9.00 and gave the company a “market perform” rating in a report on Tuesday, October 29th. Finally, B. Riley lowered their target price on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Piedmont Lithium currently has an average rating of “Hold” and a consensus target price of $22.26.

Piedmont Lithium Trading Up 6.6 %

The company has a market capitalization of $251.61 million, a PE ratio of -6.35 and a beta of 0.74. The company has a fifty day simple moving average of $10.63 and a 200-day simple moving average of $10.95. The company has a current ratio of 2.32, a quick ratio of 2.32 and a debt-to-equity ratio of 0.01.

Hedge Funds Weigh In On Piedmont Lithium

Several institutional investors and hedge funds have recently bought and sold shares of the company. Larson Financial Group LLC increased its holdings in shares of Piedmont Lithium by 53.0% during the 3rd quarter. Larson Financial Group LLC now owns 24,943 shares of the mineral exploration company’s stock worth $223,000 after buying an additional 8,643 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Piedmont Lithium by 15.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 154,881 shares of the mineral exploration company’s stock worth $1,383,000 after acquiring an additional 20,481 shares during the period. Quest Partners LLC increased its stake in Piedmont Lithium by 708.5% during the third quarter. Quest Partners LLC now owns 31,032 shares of the mineral exploration company’s stock worth $277,000 after acquiring an additional 27,194 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Piedmont Lithium in the 2nd quarter valued at $47,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Piedmont Lithium during the 2nd quarter worth $723,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

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.