Geode Capital Management LLC Sells 10,054 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

Geode Capital Management LLC decreased its holdings in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 2.4% during the 3rd quarter, Holdings Channel reports. The firm owned 408,861 shares of the mineral exploration company’s stock after selling 10,054 shares during the quarter. Geode Capital Management LLC’s holdings in Piedmont Lithium were worth $3,652,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. National Bank of Canada FI raised its holdings in shares of Piedmont Lithium by 2,095.4% during the third quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock valued at $25,000 after purchasing an additional 2,724 shares during the period. FMR LLC increased its position in 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 position in Piedmont Lithium during the 2nd quarter worth approximately $47,000. Point72 Asia Singapore Pte. Ltd. bought a new position in Piedmont Lithium in the second quarter worth approximately $58,000. Finally, Quantinno Capital Management LP acquired a new stake in Piedmont Lithium in the third quarter valued at approximately $103,000. Institutional investors and hedge funds own 52.23% of the company’s stock.

Insider Activity

In other Piedmont Lithium news, CEO Keith D. Phillips sold 41,867 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $12.31, for a total value of $515,382.77. Following the completion of the sale, the chief executive officer now directly owns 170,616 shares of the company’s stock, valued at $2,100,282.96. This trade represents a 19.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.81% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Piedmont Lithium Trading Up 1.2 %

Shares of PLL stock opened at $9.91 on Tuesday. Piedmont Lithium Inc. has a 52-week low of $6.57 and a 52-week high of $26.39. The company has a 50-day simple moving average of $11.33 and a two-hundred day simple moving average of $10.32. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.99 and a current ratio of 1.99. The company has a market capitalization of $192.63 million, a price-to-earnings ratio of -2.42 and a beta of 0.80.

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.