Piedmont Lithium Inc. (NASDAQ:PLL) Short Interest Up 51.7% in June

Piedmont Lithium Inc. (NASDAQ:PLL – Get Rating) saw a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,820,000 shares, a growth of 51.7% from the May 31st total of 1,200,000 shares. Based on an average trading volume of 541,300 shares, the days-to-cover ratio is currently 3.4 days.

Several brokerages have recently weighed in on PLL. Cowen began coverage on Piedmont Lithium in a research report on Monday, May 23rd. They issued an “outperform” rating and a $90.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Piedmont Lithium from $84.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, March 24th. Finally, Cowen began coverage on Piedmont Lithium in a research report on Monday, May 23rd. They issued an “outperform” rating for the company. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $94.17.

In other Piedmont Lithium news, CEO Keith D. Phillips sold 3,837 shares of the firm’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $47.87, for a total value of $183,677.19. Following the completion of the sale, the chief executive officer now directly owns 96,051 shares of the company’s stock, valued at $4,597,961.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keith D. Phillips sold 3,944 shares of the firm’s stock in a transaction on Thursday, June 16th. The stock was sold at an average price of $50.07, for a total value of $197,476.08. Following the completion of the sale, the chief executive officer now directly owns 101,544 shares of the company’s stock, valued at $5,084,308.08. The disclosure for this sale can be found here. Company insiders own 4.50% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI increased its holdings 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 buying an additional 250 shares during the period. Geneos Wealth Management Inc. purchased a new position in Piedmont Lithium during the 1st quarter valued at about $36,000. Citigroup Inc. increased its holdings in Piedmont Lithium by 112.3% during the 1st quarter. Citigroup Inc. now owns 620 shares of the mineral exploration company’s stock valued at $45,000 after purchasing an additional 328 shares during the period. Oliver Lagore Vanvalin Investment Group purchased a new position in Piedmont Lithium during the 1st quarter valued at about $49,000. Finally, Fifth Third Bancorp purchased a new position in Piedmont Lithium during the 1st quarter valued at about $50,000. Hedge funds and other institutional investors own 24.02% of the company’s stock.

Shares of PLL stock opened at $35.86 on Friday. The business has a 50-day moving average price of $55.03 and a two-hundred day moving average price of $57.32. Piedmont Lithium has a 12-month low of $35.01 and a 12-month high of $79.99.

Piedmont Lithium Company Profile (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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