Platinum Group Metals (NYSE:PLG) Upgraded to “Hold” at Zacks Research

Zacks Research upgraded shares of Platinum Group Metals (NYSE:PLG) to a hold rating in a research report report published on Monday morning,Zacks.com reports.

Platinum Group Metals Price Performance

PLG stock opened at $1.30 on Monday. Platinum Group Metals has a 52-week low of $1.25 and a 52-week high of $4.04. The company has a 50-day moving average of $1.53 and a two-hundred day moving average of $2.02. The stock has a market capitalization of $166.25 million, a price-to-earnings ratio of -21.67 and a beta of 1.19.

Institutional Trading of Platinum Group Metals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers grew its holdings in 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. XTX Topco Ltd acquired a new position in shares of Platinum Group Metals during the second quarter worth approximately $70,000. Marshall Wace LLP acquired a new position in shares of Platinum Group Metals during the second quarter worth approximately $328,000. Jane Street Group LLC boosted its position in shares of Platinum Group Metals by 182.0% in the second quarter. Jane Street Group LLC now owns 105,718 shares of the company’s stock valued at $162,000 after acquiring an additional 68,223 shares during the period. Finally, UBS Group AG boosted its position in shares of Platinum Group Metals by 81.9% in the third quarter. UBS Group AG now owns 738,577 shares of the company’s stock valued at $1,957,000 after acquiring an additional 332,595 shares during the period. Institutional investors and hedge funds own 16.33% of the company’s stock.

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.