Platinum Group Metals (NYSE:PLG) Shares Down 1.9% – Here’s What Happened

Platinum Group Metals Ltd. (NYSE:PLG)’s stock price dropped 1.9% during mid-day trading on Friday . The stock traded as low as $1.48 and last traded at $1.51. 998,443 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 2,182,088 shares. The stock had previously closed at $1.54.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Platinum Group Metals to a “hold” rating in a research report on Monday, July 13th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock has a consensus rating of “Hold”.

Platinum Group Metals Stock Down 1.9%

The firm has a 50 day simple moving average of $1.41 and a two-hundred day simple moving average of $1.69. The stock has a market capitalization of $193.11 million, a P/E ratio of -25.17 and a beta of 1.25.

Institutional Trading of Platinum Group Metals

Several institutional investors and hedge funds have recently modified their holdings of PLG. Two Sigma Securities LLC acquired a new stake in Platinum Group Metals in the second quarter valued at about $44,000. Bank of America Corp DE acquired a new position in Platinum Group Metals during the second quarter worth about $152,000. Hsbc Holdings PLC acquired a new position in Platinum Group Metals during the second quarter worth about $91,000. The Manufacturers Life Insurance Company bought a new position in shares of Platinum Group Metals in the second quarter worth about $898,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Platinum Group Metals in the second quarter worth about $81,000. 16.33% of the stock is currently owned by institutional investors.

Platinum Group Metals Company Profile

Platinum Group Metals Ltd is a mineral exploration and development company focused on the discovery and advancement of platinum group metal (PGM) deposits. The company’s flagship asset is the Waterberg Joint Venture Project located in South Africa’s Bushveld Complex, one of the world’s premier PGM-producing regions. In addition to its Waterberg interests, Platinum Group Metals holds the Marathon PGM project near Thunder Bay, Ontario, which is being advanced towards feasibility on the strength of its high-grade PGM and gold mineralization.

Since its inception, the company has pursued a strategy of combining regional geological expertise with strategic partnerships to de-risk project development and enhance shareholder value.