Platinum Group Metals (NYSE:PLG) Stock Price Down 1.6% – Here’s Why

Platinum Group Metals Ltd. (NYSE:PLG)’s share price dropped 1.6% during trading on Monday . The stock traded as low as $1.26 and last traded at $1.26. Approximately 438,623 shares changed hands during trading, a decline of 11% from the average daily volume of 490,587 shares. The stock had previously closed at $1.28.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded shares of Platinum Group Metals to a “sell” rating in a research report on Tuesday, February 11th.

Platinum Group Metals Stock Performance

The firm’s 50-day simple moving average is $1.29 and its 200 day simple moving average is $1.44. The company has a market cap of $129.70 million, a P/E ratio of -21.00 and a beta of 1.80.

Hedge Funds Weigh In On Platinum Group Metals

Institutional investors and hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company acquired a new position in shares of Platinum Group Metals in the 3rd quarter valued at $1,263,000. Sanctuary Advisors LLC acquired a new position in shares of Platinum Group Metals in the 3rd quarter valued at $36,000. J.W. Cole Advisors Inc. acquired a new position in shares of Platinum Group Metals in the 4th quarter valued at $30,000. XTX Topco Ltd acquired a new position in shares of Platinum Group Metals in the 3rd quarter valued at $30,000. Finally, MCIA Inc acquired a new position in Platinum Group Metals in the 3rd quarter worth $41,000. Institutional investors and hedge funds own 16.33% of the company’s stock.

About Platinum Group Metals

Platinum Group Metals Ltd. engages in the exploration and development of platinum and palladium properties. It explores for palladium, platinum, gold, copper, nickel, and rhodium deposits. The company holds 50.02% interest in the Waterberg project located on the Northern Limb of the Bushveld Igneous Complex, South Africa.