Platinum Group Metals (NYSE:PLG) Stock Jumps 0.8% – Here’s Why

Platinum Group Metals Ltd. (NYSE:PLG)’s share price shot up 0.8% during trading on Thursday. The company traded as high as $1.29 and last traded at $1.27. 688,266 shares changed hands during trading, a decline of 67% from the average session volume of 2,073,154 shares. The stock had previously closed at $1.26.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Platinum Group Metals to a “hold” rating in a research note on Monday, July 13th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, Platinum Group Metals has an average rating of “Hold”.

Platinum Group Metals Price Performance

The company has a 50-day moving average of $1.43 and a 200 day moving average of $1.55. The company has a market cap of $161.14 million, a PE ratio of -21.00 and a beta of 1.25.

Institutional Trading of Platinum Group Metals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Two Sigma Securities LLC bought a new position in Platinum Group Metals during the second quarter valued at $44,000. Bank of America Corp DE bought a new stake in shares of Platinum Group Metals in the 2nd quarter worth about $152,000. Hsbc Holdings PLC purchased a new position in shares of Platinum Group Metals during the 2nd quarter worth about $91,000. The Manufacturers Life Insurance Company purchased a new position in shares of Platinum Group Metals during the 2nd quarter worth about $898,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Platinum Group Metals during the 2nd quarter worth about $81,000. Hedge funds and other institutional investors own 16.33% of the company’s stock.

Platinum Group Metals Company Profile

Platinum Group Metals Ltd. is a Vancouver-based mining and mineral exploration company focused on the development of platinum-group metals (PGM) and related mineral resources. The company’s principal asset is the Waterberg PGM project in South Africa’s Limpopo province, a large underground palladium, platinum, rhodium, gold, nickel and copper deposit.

Waterberg is being advanced as a mechanized underground mining operation through a joint venture that includes Platinum Group Metals, Implats, Japan Oil, Gas and Metals National Corporation, and Hanwa.