Why Piedmont Lithium Stock Dropped Today
Shares of Australian lithium mining company Piedmont Lithium (NASDAQ: PLL), which currently trades on the Nasdaq in the form of American Depositary Shares (ADS), representing common shares on the Australian Stock Exchange, are coming to America -- and it seems investors aren't happy about it. Piedmont stock dropped 19% in Thursday trading.
Thursday probably should have been a good day for Piedmont shareholders, seeing as B. Riley Securities raised its price target on the stock from $66 to $93 a share this morning. Citing improved lithium prices overall and "considerably" improved economics at the company's Piedmont Lithium Project in North Carolina, in particular, Riley upped its valuation on the stock, reports TheFly.com. However, the stock headed the other way.
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Source Fool.com
