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Piedmont Lithium (Nasdaq:PLL) has been added to the U.S. Russell 2000® and Russell Microcap Indexes as part of the 2022 Russell indexes reconstitution. This inclusion is based on its membership in the Russell 3000® Index, which ranks the largest U.S. stocks by market capitalization. CEO Keith Phillips expressed optimism about the company being part of significant stock indices, enhancing its visibility among institutional investors. Approximately $12 trillion in assets are benchmarked against these indices, emphasizing their importance in the investment landscape.
Positive
Inclusion in the U.S. Russell 2000® Index and Russell Microcap Index is expected to enhance visibility and investor interest.
Piedmont Lithium's shares are now accessible to major index funds like those managed by State Street, Vanguard, and Blackrock.
Negative
None.
BELMONT, N.C.--(BUSINESS WIRE)--
Piedmont Lithium (Nasdaq:PLL; ASX:PLL), a leading, diversified developer of lithium resources critical to the U.S. electric vehicle supply chain, was added as a member of the U.S. Russell 2000® Index and the Russell Microcap Index as part of the 2022 Russell indexes reconstitution. Membership in the Russell 2000® Index, which remains in place for one year, is based on membership in the broad-market Russell 3000® Index.
Annual reconstitution of the Russell indexes captures the 4,000 largest US stocks as of May 6, ranking them by total market capitalization. Membership in the Russell 3000® Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000® Index or small-cap Russell 2000® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.
“We are extremely pleased to have been added as a member of the U.S. Russell 2000® Index,” said Keith Phillips, Piedmont Lithium CEO. “One of the objectives of our redomiciling in 2021 was to qualify for important stock indices that require U.S. domiciliation. Piedmont shares are now held by many index funds, including those managed by State Street, Vanguard, Blackrock, and others, and we hope that these long-term holders will support our shareholder value creation objectives in the longer-run.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
For more information on the Russell 2000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.
To view the complete Piedmont Lithium release, click here.
What does the inclusion of Piedmont Lithium in the Russell 2000® Index mean for investors?
Inclusion in the Russell 2000® Index signifies increased visibility and potential interest from institutional investors, which can positively impact stock performance.
When was Piedmont Lithium added to the Russell 2000® Index?
Piedmont Lithium was added as part of the 2022 Russell indexes reconstitution.
How does Piedmont Lithium's membership in the Russell 3000® Index affect its stock?
Membership in the Russell 3000® Index ensures automatic inclusion in either the large-cap Russell 1000® or small-cap Russell 2000® Index, bolstering its market presence.
What is the market capitalization ranking for Piedmont Lithium?
Piedmont Lithium's addition to the Russell indexes is based on its market capitalization ranking among the 4,000 largest U.S. stocks.
How significant are the Russell indexes for Piedmont Lithium?
The Russell indexes are significant as approximately $12 trillion in assets are benchmarked against them, indicating a wide influence on investment strategies.
