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.
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.
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