Piedmont Lithium Limited [NASDAQ: PLL] price plunged by -16.39 percent to reach at -$13.39. The company report on March 24, 2021 that Piedmont Announces Pricing of Public Offering of American Depositary Shares.
Piedmont Lithium Limited (“Piedmont” or the “Company”) (Nasdaq:PLL; ASX:PLL) announced the pricing of an underwritten public offering of 1.75 million of its American Depositary Shares (“ADSs”), with each ADS representing 100 of its ordinary shares (“Public Offering”), at a price per ADS to the public of $70.00, for aggregate gross proceeds of $122.5 million. Piedmont has granted the underwriters a 30-day option to purchase up to an additional 262,500 ADSs at the issue price of the Public Offering. The Public Offering is expected to close on March 25, 2021, subject to customary closing conditions.
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J.P. Morgan, Evercore ISI and Canaccord Genuity are acting as joint book-runners for the Public Offering. BTIG, LLC, B. Riley Securities, Loop Capital Markets, Roth Capital Partners, ThinkEquity, a division of Fordham Financial Management, Inc., Jett Capital Advisors and Tuohy Brothers are acting as co-managers for the Public Offering.
A sum of 3996471 shares traded at recent session while its average daily volume was at 1.26M shares. Piedmont Lithium Limited shares reached a high of $74.31 and dropped to a low of $60.60 until finishing in the latest session at $68.32.
The one-year PLL stock forecast points to a potential downside of -22.72. The average equity rating for PLL stock is currently 1.80, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on Piedmont Lithium Limited [PLL]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PLL shares is $55.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PLL stock is a recommendation set at 1.80. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
B. Riley Securities have made an estimate for Piedmont Lithium Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 25, 2021. While these analysts kept the previous recommendation, Loop Capital raised their target price to Buy. The new note on the price target was released on January 22, 2021, representing the official price target for Piedmont Lithium Limited stock. Previously, the target price had yet another raise to $40, while BTIG Research analysts kept a Buy rating on PLL stock.
The Average True Range (ATR) for Piedmont Lithium Limited is set at 10.19 The Price to Book ratio for the last quarter was 11.99.
PLL Stock Performance Analysis:
Piedmont Lithium Limited [PLL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -10.84. With this latest performance, PLL shares gained by 20.75% in over the last four-week period, additionally plugging by 967.50% over the last 6 months – not to mention a rise of 951.01% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PLL stock in for the last two-week period is set at 50.45, with the RSI for the last a single of trading hit 45.56, and the three-weeks RSI is set at 53.06 for Piedmont Lithium Limited [PLL]. The present Moving Average for the last 50 days of trading for this stock 59.32, while it was recorded at 77.08 for the last single week of trading, and 27.30 for the last 200 days.
Insight into Piedmont Lithium Limited Fundamentals:
Return on Total Capital for PLL is now -42.77, given the latest momentum, and Return on Invested Capital for the company is -38.23. Return on Equity for this stock declined to -40.75, with Return on Assets sitting at -33.95. When it comes to the capital structure of this company, Piedmont Lithium Limited [PLL] has a Total Debt to Total Equity ratio set at 10.76. Additionally, PLL Total Debt to Total Capital is recorded at 9.71, with Total Debt to Total Assets ending up at 9.35. Long-Term Debt to Equity for the company is recorded at 7.82, with the Long-Term Debt to Total Capital now at 7.06.
Piedmont Lithium Limited [PLL] Insider Position Details
There are presently around $105 million, or 0.84% of PLL stock, in the hands of institutional investors. The top three institutional holders of PLL stocks are: ALYESKA INVESTMENT GROUP, L.P. with ownership of 600,000, which is approximately New of the company’s market cap and around 0.24% of the total institutional ownership; VAN ECK ASSOCIATES CORP, holding 192,200 shares of the stock with an approximate value of $13.13 million in PLL stocks shares; and PRINCIPAL FINANCIAL GROUP INC, currently with $10.83 million in PLL stock with ownership of nearly New of the company’s market capitalization.
Positions in Piedmont Lithium Limited stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 35 institutional holders increased their position in Piedmont Lithium Limited [NASDAQ:PLL] by around 1,506,887 shares. Additionally, 4 investors decreased positions by around 16,445 shares, while 0 investors held positions by with 14,602 shares. The mentioned changes placed institutional holdings at 1,537,934 shares, according to the latest SEC report filing. PLL stock had 29 new institutional investments in for a total of 1,482,282 shares, while 1 institutional investors sold positions of 13,321 shares during the same period.