Quantinno Capital Management LP Takes Position in Piedmont Lithium Inc. (NASDAQ:PLL)

Quantinno Capital Management LP acquired a new stake in Piedmont Lithium Inc. (NASDAQ:PLL) in the 3rd quarter, Holdings Channel.com reports. The fund acquired 11,548 shares of the mineral exploration company’s stock, valued at approximately $103,000.

Other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new stake in Piedmont Lithium in the second quarter valued at $144,000. Raymond James & Associates acquired a new stake in shares of Piedmont Lithium in the second quarter valued at about $1,472,000. Bank of New York Mellon Corp raised its position in shares of Piedmont Lithium by 36.2% during the second quarter. Bank of New York Mellon Corp now owns 82,797 shares of the mineral exploration company’s stock worth $826,000 after acquiring an additional 22,013 shares during the last quarter. Larson Financial Group LLC acquired a new position in shares of Piedmont Lithium in the second quarter worth approximately $163,000. Finally, Thomist Capital Management LP bought a new stake in Piedmont Lithium in the second quarter valued at approximately $171,000. Institutional investors own 52.23% of the company’s stock.

Insider Buying and Selling

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 owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PLL. Macquarie upgraded shares of Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. Roth Mkm downgraded shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $32.00 to $13.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $8.00 price target (down previously from $9.00) on shares of Piedmont Lithium in a research report on Monday, October 21st. BMO Capital Markets increased their price target on 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 Capital downgraded Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 20th. One investment 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’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $21.21.

Piedmont Lithium Trading Down 7.0 %

Shares of PLL stock opened at $9.85 on Wednesday. Piedmont Lithium Inc. has a 52-week low of $6.57 and a 52-week high of $31.82. The company has a 50-day simple moving average of $12.33 and a two-hundred day simple moving average of $10.58. 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 $191.46 million, a price-to-earnings ratio of -2.41 and a beta of 0.72.

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.