Platinum Group Metals (NYSE:PLG) Stock Price Down 1.9% - Here's What Happened

Key Points

• Platinum Group Metals shares fell 1.9% in mid-day trading to $1.51, with volume down 54% from the stock’s average daily level.
• Zacks Research upgraded the stock to “Hold,” matching the current consensus rating from the one analyst covering the company.
• The company has a market capitalization of approximately $193.1 million, while institutional investors own 16.33% of its shares; several firms recently initiated or increased positions.

Platinum Group Metals Ltd. (NYSE:PLG - Get Free Report) shares fell 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 Analyst Weigh In

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

Platinum Group Metals Price Performance

The company has a market capitalization of $193.11 million, a price-to-earnings ratio of -25.17 and a beta of 1.25. The firm has a 50-day moving average price of $1.41 and a two-hundred day moving average price of $1.69.

Institutional Investors Weigh In On Platinum Group Metals

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC bought a new position in Platinum Group Metals in the first quarter valued at approximately $27,000. Cetera Investment Advisers boosted its holdings in shares of Platinum Group Metals by 75.7% in the 2nd quarter. Cetera Investment Advisers now owns 22,825 shares of the company's stock valued at $35,000 after buying an additional 9,834 shares during the last quarter. Commonwealth Equity Services LLC bought a new position in shares of Platinum Group Metals in the fourth quarter valued at $41,000. Two Sigma Securities LLC acquired a new position in Platinum Group Metals during the second quarter worth $44,000. Finally, Caitong International Asset Management Co. Ltd acquired a new position in Platinum Group Metals during the fourth quarter worth $58,000. 16.33% of the stock is owned by institutional investors.

About Platinum Group Metals

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.

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