Piedmont Lithium Inc. (NASDAQ:PLL) Short Interest Up 32.3% in April

Piedmont Lithium Inc. (NASDAQ:PLLGet Rating) was the recipient of a significant increase in short interest in April. As of April 30th, there was short interest totalling 1,080,000 shares, an increase of 32.3% from the April 15th total of 816,400 shares. Based on an average daily volume of 480,500 shares, the short-interest ratio is presently 2.2 days.

Institutional investors and hedge funds have recently made changes to their positions in the company. NEXT Financial Group Inc acquired a new position in Piedmont Lithium during the fourth quarter valued at $26,000. Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Piedmont Lithium in the third quarter worth about $32,000. National Bank of Canada FI raised its position in shares of Piedmont Lithium by 108.7% in the first quarter. National Bank of Canada FI now owns 480 shares of the mineral exploration company’s stock worth $35,000 after acquiring an additional 250 shares during the period. Geneos Wealth Management Inc. acquired a new position in shares of Piedmont Lithium in the first quarter worth about $36,000. Finally, Citigroup Inc. raised its position in shares of Piedmont Lithium by 112.3% in the first quarter. Citigroup Inc. now owns 620 shares of the mineral exploration company’s stock worth $45,000 after acquiring an additional 328 shares during the period. 24.02% of the stock is currently owned by hedge funds and other institutional investors.

PLL has been the subject of several recent research reports. Zacks Investment Research upgraded Piedmont Lithium from a “sell” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. lifted their price target on Piedmont Lithium from $84.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, March 24th. Finally, B. Riley lifted their price target on Piedmont Lithium from $89.00 to $95.00 and gave the stock a “buy” rating in a research report on Thursday, February 17th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $89.83.

PLL stock traded down $1.23 during trading on Wednesday, hitting $55.72. 2,800 shares of the company’s stock traded hands, compared to its average volume of 442,923. The business has a fifty day simple moving average of $67.47 and a two-hundred day simple moving average of $59.11. Piedmont Lithium has a 1 year low of $40.65 and a 1 year high of $79.99.

Piedmont Lithium (NASDAQ:PLLGet Rating) last issued its quarterly earnings data on Sunday, February 27th. The mineral exploration company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.46) by ($0.21). Analysts anticipate that Piedmont Lithium will post -1.6 EPS for the current fiscal year.

About Piedmont Lithium (Get Rating)

Piedmont Lithium Inc, an exploration 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 3,116 acres located within the Carolina Tin-Spodumene Belt situated to the west of Charlotte, North Carolina in the United States.

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