BELMONT, NC—Keith D. Phillips, President and CEO of Piedmont Lithium Inc. (NASDAQ:PLL (NASDAQ:PLL)), has sold a significant portion of his holdings in the company. According to a recent SEC filing, Phillips sold 41,867 shares of common stock on December 10, 2024. The shares were sold at a weighted average price of $12.3133, generating a total of $515,520. The sale comes as PLL shares have declined nearly 60% year-to-date, though InvestingPro analysis suggests the stock is currently undervalued with a Fair financial health rating.
After the transaction, Phillips retains ownership of 170,616 shares in the company. The sale was executed across multiple transactions, with prices ranging from $12.135 to $12.64 per share. With a market capitalization of $243 million, PLL currently trades at 0.84 times book value. InvestingPro subscribers can access detailed insider trading patterns and comprehensive valuation metrics in the Pro Research Report, helping investors make more informed decisions.
In other recent news, Piedmont Lithium has seen a series of significant developments. BMO Capital Markets revised its outlook on the company, raising the stock's price target from $9.00 to $14.00, while maintaining a Market Perform rating. This adjustment followed the announcement of a merger with Sayona Mining, a move that BMO views favorably as it simplifies the ownership and offtake structure of North American Lithium (NAL) and forms a larger company with growth prospects.
Piedmont Lithium also reported mixed third-quarter results, with earnings per share (EPS) of $(0.42), exceeding both BMO Capital Markets' estimate and the FactSet consensus. Despite a revenue drop from $47.1 million to $27.7 million due to lower lithium prices, the company managed to increase its shipped volume and reduce operating costs.
In addition, Piedmont Lithium completed a private placement offering, resulting in aggregate gross proceeds of approximately US$27 million. This additional capital could potentially be used to expand its operations and further invest in its mining capacities. The company also reduced its workforce by 32% in October and revised its full-year 2024 shipment forecast downward to a range of 102-116kt. These are among the recent developments for Piedmont Lithium.
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