Piedmont Lithium Inc. (NASDAQ:PLL) Sees Significant Short-Term Interest Growth

Piedmont Lithium Inc. (NASDAQ:PLL) saw a surge in short-term interest in December. As of December 31, there was short interest totaling 1,160,000 shares, an increase of 35.0% from the total of 859,000 shares as of December 15. Based on an average trading volume of 346,600 shares, the day-to-cover ratio is currently 3.3 days. Currently, 7.9% of the company’s shares are sold short.

Shares of PLL traded down $1.05 on Tuesday, hitting $51.53. 3,020 shares of the stock were traded, against an average volume of 253,930. The stock’s 50-day moving average price is $56.26 and its 200-day moving average price is $57.90 . Piedmont Lithium has a 12-month low of $37.03 and a 12-month high of $88.97. The company has a debt ratio of 0.01, a quick ratio of 10.65 and a current ratio of 10.65.

Separately, Chief Financial Officer Michael D. White sold 1,744 shares of the company in a trade that took place on Tuesday, January 4. The stock was sold at an average price of $54.18, for a total value of $94,489.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Additionally, CEO Keith D. Phillips sold 3,158 shares of the company in a trade that took place on Wednesday, December 22. The shares were sold at an average price of $53.08, for a total value of $167,626.64. The disclosure of this sale can be found here. In the past ninety days, insiders have sold 8,990 shares of the company worth $478,592. Insiders of the company hold 4.50% of the shares of the company.

(A d)

Big pharma, financial institutions and wealthy businessmen have all invested hundreds of millions in this venture…

They make these big investments because it’s a huge opportunity.

Major investors have recently changed their positions in the company. Renaissance Technologies LLC purchased a new stake in shares of Piedmont Lithium during the second quarter at a value of $4,658,000. BlackRock Inc. increased its holdings of Piedmont Lithium shares by 430.3% during the second quarter. BlackRock Inc. now owns 71,739 shares of the mining exploration company worth $5,607,000 after buying an additional 58,211 shares in the last quarter. Principal Financial Group Inc. increased its holdings of Piedmont Lithium shares by 25.7% during the second quarter. Principal Financial Group Inc. now owns 210,537 shares of the mining exploration company worth $16,456,000 after buying an additional 43,062 shares in the last quarter. Morgan Stanley increased its holdings of Piedmont Lithium shares by 26.9% during the third quarter. Morgan Stanley now owns 158,718 shares of the mining exploration company worth $8,644,000 after buying 33,612 more shares in the last quarter. Finally, the Swiss National Bank bought a new stake in the shares of Piedmont Lithium during the second quarter at a value of $2,439,000. Hedge funds and other institutional investors own 16.16% of the company’s shares.

Several research companies have recently weighed in on PLL. Evercore ISI restated a “buy” rating and issued a target price of $95.00 on Piedmont Lithium shares in a Thursday, Nov. 25, report. Loop Capital raised its price target on Piedmont Lithium from $86.00 to $108.00 and gave the stock a “buy” rating in a Monday, October 4 report. Finally, Zacks Investment Research downgraded Piedmont Lithium from a “buy” rating to a “hold” rating in a Thursday, December 16 report. One research analyst gave the stock a hold rating and seven gave the company’s stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $86.44.

About Piedmont Lithium

Piedmont Lithium, Inc is an exploration-stage company, which engages in the exploration and development of mineral properties. The company is focused on developing and manufacturing battery-grade lithium hydroxide for the electric vehicle industry. Its projects include Carolina Lithium, Quebec and Ghana.

Feature article: Cyclical stocks – What you need to know

This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Should you invest $1,000 in Piedmont Lithium right now?

Before you consider Piedmont Lithium, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes hold…and Piedmont Lithium wasn’t on the list.

Although Piedmont Lithium currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the 5 actions here

Comments are closed.