Platinum Group Metals (NYSE:PLG) Stock Falls 0.9% - Here's What Happened

Key Points

• Platinum Group Metals shares fell 0.9% to $1.06, reaching an intraday low of $1.03. Trading volume was 850,368 shares, down 57% from the average daily volume.
• Zacks Research upgraded the stock to “Hold”, matching the current consensus rating among analysts.
• Several institutional investors recently initiated positions, and hedge funds and other institutions now own 16.33% of PLG. The company is advancing its Waterberg platinum-group-metals project in South Africa.

Shares of Platinum Group Metals Ltd. (NYSE:PLG - Get Free Report) were down 0.9% during trading 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 daily volume of 2,000,229 shares. The stock had previously closed at $1.07.

Wall Street Analysts Forecast Growth

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

Platinum Group Metals Trading Down 0.9%

The company has a market capitalization of $135.56 million, a price-to-earnings ratio of -17.67 and a beta of 1.18. The stock's fifty day simple moving average is $1.37 and its 200-day simple moving average is $1.49.

Institutional Investors Weigh In On Platinum Group Metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PLG. The Manufacturers Life Insurance Company purchased a new position in Platinum Group Metals during the 2nd quarter worth $898,000. Renaissance Technologies LLC purchased a new stake in Platinum Group Metals in the 1st quarter worth approximately $1,139,000. Kopernik Global Investors LLC purchased a new position in Platinum Group Metals during the first quarter worth about $635,000. Bank of America Corp DE purchased a new position in shares of Platinum Group Metals during the 2nd quarter worth about $152,000. Finally, BlackRock Inc. acquired a new position in shares of Platinum Group Metals in the 2nd quarter valued at $125,000. Hedge funds and other institutional investors own 16.33% of the company's stock.

About Platinum Group Metals

Platinum Group Metals Ltd. is a mining and mineral development company focused on platinum-group metals (PGMs), including platinum, palladium, rhodium and associated metals. The company's 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 Igneous Complex, one of the world's major PGM-producing regions.

Through its South African subsidiary, Waterberg JV Resources, Platinum Group Metals is advancing the Waterberg project toward potential mine development.

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