Van ECK Associates Corp Reduces Stock Holdings in Piedmont Lithium Inc. (NASDAQ:PLL)

Van ECK Associates Corp lessened its stake in Piedmont Lithium Inc. (NASDAQ:PLL) by 8.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 539,065 shares of the mineral exploration company’s stock after selling 50,842 shares during the quarter. Van ECK Associates Corp owned about 2.81% of Piedmont Lithium worth $15,218,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of PLL. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Piedmont Lithium by 107.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 390,064 shares of the mineral exploration company’s stock valued at $11,012,000 after purchasing an additional 201,881 shares during the period. Invesco Ltd. boosted its position in Piedmont Lithium by 11.3% in the 3rd quarter. Invesco Ltd. now owns 570,392 shares of the mineral exploration company’s stock valued at $22,645,000 after buying an additional 58,012 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Piedmont Lithium by 83.5% during the fourth quarter. SG Americas Securities LLC now owns 23,542 shares of the mineral exploration company’s stock valued at $665,000 after acquiring an additional 10,713 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Piedmont Lithium by 4.5% during the third quarter. Vanguard Group Inc. now owns 1,021,517 shares of the mineral exploration company’s stock worth $40,554,000 after acquiring an additional 44,335 shares during the last quarter. Finally, Boston Partners lifted its stake in shares of Piedmont Lithium by 251.4% in the third quarter. Boston Partners now owns 71,453 shares of the mineral exploration company’s stock worth $2,837,000 after acquiring an additional 51,118 shares in the last quarter. Institutional investors and hedge funds own 52.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. BMO Capital Markets started coverage on Piedmont Lithium in a research note on Friday, February 16th. They set a “market perform” rating and a $20.00 target price for the company. DA Davidson reissued a “buy” rating and set a $60.00 price objective on shares of Piedmont Lithium in a report on Tuesday, April 16th. TD Cowen downgraded shares of Piedmont Lithium from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $55.00 to $20.00 in a research report on Monday, January 29th. BTIG Research cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. lowered their price objective on Piedmont Lithium from $25.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, February 8th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $65.67.

Piedmont Lithium Stock Performance

Piedmont Lithium stock opened at $12.10 on Thursday. Piedmont Lithium Inc. has a 1 year low of $10.82 and a 1 year high of $65.72. The firm’s 50-day moving average is $13.05 and its 200-day moving average is $20.39.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings data on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of $0.38 by ($1.61). The company had revenue of ($7.31) million for the quarter, compared to analysts’ expectations of $32.76 million. On average, equities research analysts forecast that Piedmont Lithium Inc. will post -0.43 earnings per share for the current year.

Piedmont Lithium 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.