Piedmont Lithium Ramps Up Deal with Tesla, Shares Rise

PLL is eyeing a rebound after last month's slide

Deputy Editor
Jan 3, 2023 at 10:42 AM
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Piedmont Lithium Inc (NASDAQ:PLL) stock is up 4.9% at $46.17 at last check, after the company amended its supply deal with Tesla (TSLA). The lithium miner will now deliver roughly 125,000 metric tons of spodumene concentrate (SC6) to the electric vehicle (V) maker beginning the second half of this year through the end of 2025.

PLL staged quite a slide on the charts last month, though the stock is now on track for its third-straight gain after bouncing off the $41 level. Still, the shares are below all significant short- and long-term moving averages. Year-over-year, the equity is down 16.2%. 

The stock is long overdue for a short-term bounce, according to its 14-day relative strength index (RSI) of 20.5, which sits firmly in "oversold" territory. Plus, though short interest has begun to unwind, it still represents 8.2% of the stock's available float. 

Meanwhile, now could be a good time to speculate on PLL with options. The security sports a Schaeffer's Volatility Index (SVI) of 68%, which stands higher than just 14% of readings from the past year. In other words, options players are pricing in relatively low volatility expectations at the moment. 

 

 

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