The Piedmont Lithium Inc (ASX: PLL) share price has been volatile over the last 7 days, ultimately falling around 3% lower.
Additionally, despite all its ups and downs, the company’s stock is seemingly trending sideways. It has only gained 3% over the past month and just 1.5% over the past 6 months.
At the time of writing, the Piedmont Lithium share price is 82.2 cents, 0.96% lower than its previous closing price.
Let’s take a look at all the news released by the United States-based lithium business over the last few months.
What’s driven the Piedmont Lithium share price lately?
The latest news to boost Piedmont Lithium’s stock’s value was released on 22 October.
Then, the company announced it had upped its Carolina Lithium Project’s mineral resource estimate to 44.2 tonnes at 1.08% lithium oxide. Some 64% of the total mineral resource estimate was in the project’s ‘indicated’ category.
Despite the seemingly positive news, the Piedmont Lithium share price slid 1.2% on the back of the update.
The market has also been treated to news of the acquisition of the North American Lithium mine. Sayona Quebec – which is 25% owned by Piedmont Lithium and 75% by Sayona Mining Ltd (ASX: SYA) – acquired North American Lithium on 30 August.
On 13 September, Sayona Mining announced it’s eyeing a potential resource increase at North America Lithium.
The announcements saw Piedmont Lithium’s stock boosted 8% and 1.3% respectively.
The final news the market has heard from Piedmont Lithium in the last few months was released on 1 September. Then, Piedmont announced it had acquired a 9.9% hold in IronRidge Resources Ltd.
The investment follows numerous agreements that could see Piedmont Lithium with a 50% hold in IronRidge’s lithium portfolio and 50% of the production of IronRidge’s Ewoyaa Project.
The market responded poorly to Piedmont Lithium’s investment, bidding its share price 1.2% lower.
Despite a tough 6 months, Peidmont’s stock is still 123% higher than it was at the start of 2021.
The post Why is the Piedmont Lithium (ASX:PLL) share price struggling of late? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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