Piedmont Lithium Inc. (NASDAQ:PLL) Stock Holdings Boosted by GAMMA Investing LLC

GAMMA Investing LLC boosted its position in Piedmont Lithium Inc. (NASDAQ:PLL) by 65.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,907 shares of the mineral exploration company’s stock after purchasing an additional 1,550 shares during the quarter. GAMMA Investing LLC’s holdings in Piedmont Lithium were worth $34,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PLL. HITE Hedge Asset Management LLC bought a new stake in Piedmont Lithium during the 2nd quarter valued at $1,484,000. Marshall Wace LLP acquired a new position in shares of Piedmont Lithium during the second quarter valued at $874,000. Cubist Systematic Strategies LLC bought a new stake in shares of Piedmont Lithium during the second quarter valued at about $723,000. Point72 Asset Management L.P. lifted 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 worth $2,994,000 after purchasing an additional 50,000 shares during the period. Finally, Millennium Management LLC grew its position in Piedmont Lithium by 12.0% in 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. 52.23% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Piedmont Lithium Price Performance

Piedmont Lithium stock opened at $8.91 on Wednesday. The business’s 50-day simple moving average is $10.91 and its 200 day simple moving average is $10.30. The stock has a market cap of $173.19 million, a price-to-earnings ratio of -2.18 and a beta of 0.80. Piedmont Lithium Inc. has a 12-month low of $6.57 and a 12-month high of $22.54. The company has a quick ratio of 1.99, a current ratio of 1.99 and a debt-to-equity ratio of 0.01.

Insider Activity

In related 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 transaction of $515,382.77. Following the sale, the chief executive officer now owns 170,616 shares of the company’s stock, valued at approximately $2,100,282.96. This trade represents a 19.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.81% of the stock is currently owned by company insiders.

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.