Yesterday saw PLS plunge another 8.1%, plumbing multi-year lows in the process. At the end of 1Q 2025, PLS held a net cash position of approximately $700 million, complemented by around $600 million in undrawn debt facilities, meaning it remains on a solid footing from a balance sheet perspective, especially if/when prices do manage to stabilise/recover.
- The trend in PLS is still clearly down, and when we see days like yesterday where selling remains very strong and consistent, it implies the lows still may be some way off.
- However, PLS is a stock that will bounce very hard at some point, and we are therefore keeping a close handle on it.
- A long Trading idea was filled yesterday in PLS, applying a close stop loss ($1.09) to this position.
MM is neutral towards PLS around $1.14
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