Van ECK Associates Corp Has $15.22 Million Stock Holdings in Piedmont Lithium Inc. (NASDAQ:PLL)

Van ECK Associates Corp trimmed its holdings in Piedmont Lithium Inc. (NASDAQ:PLL) by 8.6% in the 4th quarter, HoldingsChannel.com reports. The fund owned 539,065 shares of the mineral exploration company’s stock after selling 50,842 shares during the quarter. Van ECK Associates Corp’s holdings in Piedmont Lithium were worth $15,218,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC bought a new position in shares of Piedmont Lithium in the 4th quarter valued at approximately $34,000. CWM LLC raised its position in shares of Piedmont Lithium by 40.3% in the fourth quarter. CWM LLC now owns 87,851 shares of the mineral exploration company’s stock valued at $2,480,000 after purchasing an additional 25,241 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted 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 worth $11,012,000 after buying an additional 201,881 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Piedmont Lithium during the 4th quarter worth $62,000. Finally, SG Americas Securities LLC grew its stake in Piedmont Lithium by 83.5% in the 4th quarter. SG Americas Securities LLC now owns 23,542 shares of the mineral exploration company’s stock valued at $665,000 after buying an additional 10,713 shares during the last quarter. Institutional investors and hedge funds own 52.23% of the company’s stock.

Analyst Ratings Changes

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

Piedmont Lithium Price Performance

Shares of NASDAQ:PLL 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 business’s 50 day moving average is $13.05 and its 200-day moving average is $20.39.

Piedmont Lithium (NASDAQ:PLL) last posted its quarterly earnings results on Thursday, February 22nd. The mineral exploration company reported ($1.23) earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($1.61). The business had revenue of ($7.31) million for the quarter, compared to analysts’ expectations of $32.76 million. As a group, analysts anticipate that Piedmont Lithium Inc. will post -0.43 earnings per share for the current fiscal 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.