Platinum Group Metals (NYSE:PLG) Stock Price Down 1.9% – Time to Sell?

Platinum Group Metals Ltd. (NYSE:PLG)’s share price dropped 1.9% during trading on Friday . The company traded as low as $1.48 and last traded at $1.51. 998,443 shares changed hands during trading, a decline of 54% from the average daily volume of 2,182,088 shares. The stock had previously closed at $1.54.

Analyst Upgrades and Downgrades

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

Platinum Group Metals Trading Down 1.9%

The firm has a market capitalization of $193.11 million, a PE ratio of -25.17 and a beta of 1.25. The business’s 50 day simple moving average is $1.41 and its two-hundred day simple moving average is $1.69.

Institutional Trading of Platinum Group Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Two Sigma Securities LLC purchased a new stake in shares of Platinum Group Metals in the 2nd quarter worth $44,000. Bank of America Corp DE purchased a new position in shares of Platinum Group Metals in the second quarter valued at about $152,000. Hsbc Holdings PLC bought a new position in Platinum Group Metals in the 2nd quarter worth approximately $91,000. The Manufacturers Life Insurance Company bought a new position in shares of Platinum Group Metals during the second quarter worth $898,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Platinum Group Metals during the 2nd quarter valued at about $81,000. 16.33% of the stock is owned by hedge funds and other institutional investors.

Platinum Group Metals Company Profile

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.