Platinum Group Metals (NYSE:PLG) Stock Price Down 0.9% – Here’s What Happened

Platinum Group Metals Ltd. (NYSE:PLG) shares traded down 0.9% on Friday. The company traded as low as $1.03 and last traded at $1.06. 850,368 shares traded hands during trading, a decline of 57% from the average session volume of 2,000,229 shares. The stock had previously closed at $1.07.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded shares of Platinum Group Metals to a “hold” rating in a report on Monday, July 13th. One investment analyst has rated the stock with a Hold rating. According to data from MarketBeat, Platinum Group Metals presently has an average rating of “Hold”.

Platinum Group Metals Price Performance

The firm’s 50 day simple moving average is $1.37 and its 200-day simple moving average is $1.49. The company has a market cap of $135.56 million, a price-to-earnings ratio of -17.67 and a beta of 1.18.

Hedge Funds Weigh In On Platinum Group Metals

Several hedge funds and other institutional investors have recently bought and sold shares of PLG. Kestra Advisory Services LLC acquired a new stake in Platinum Group Metals during the 1st quarter valued at $27,000. Two Sigma Securities LLC purchased a new stake in shares of Platinum Group Metals during the 2nd quarter worth about $44,000. NewEdge Advisors LLC grew its stake in Platinum Group Metals by 47.3% during the first quarter. NewEdge Advisors LLC now owns 41,880 shares of the company’s stock worth $74,000 after buying an additional 13,450 shares during the period. SteelPeak Wealth LLC acquired a new stake in shares of Platinum Group Metals in the first quarter valued at about $80,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Platinum Group Metals in the 2nd quarter worth $81,000. 16.33% of the stock is owned by institutional investors and hedge funds.

About Platinum Group Metals

Platinum Group Metals Ltd. is a mineral exploration and development company focused on platinum-group metals (PGMs). Its principal asset is the Waterberg PGM project, an underground palladium, platinum, rhodium and gold deposit located on the Northern Limb of South Africa’s Bushveld Complex, one of the world’s major PGM-producing regions.

The Waterberg project is being advanced as a potential mechanized underground mining operation. Platinum Group Metals is working with strategic partners and other project stakeholders on engineering, permitting, financing and development activities related to the project.