Platinum Group Metals (NYSE:PLG) Stock Price Down 4.3% – Here’s What Happened

Shares of Platinum Group Metals Ltd. (NYSE:PLG) fell 4.3% on Friday . The company traded as low as $2.58 and last traded at $2.68. 4,867,708 shares traded hands during mid-day trading, an increase of 18% from the average session volume of 4,113,619 shares. The stock had previously closed at $2.80.

Platinum Group Metals Price Performance

The stock has a fifty day moving average of $2.43 and a 200 day moving average of $2.11. The stock has a market cap of $329.82 million, a price-to-earnings ratio of -44.67 and a beta of 1.19.

Institutional Trading of Platinum Group Metals

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Investment Advisers lifted its position in Platinum Group Metals by 75.7% during the second quarter. Cetera Investment Advisers now owns 22,825 shares of the company’s stock valued at $35,000 after purchasing an additional 9,834 shares during the period. XTX Topco Ltd purchased a new position in shares of Platinum Group Metals during the 2nd quarter valued at about $70,000. J.W. Cole Advisors Inc. lifted its holdings in shares of Platinum Group Metals by 125.3% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 301,800 shares of the company’s stock valued at $462,000 after buying an additional 167,850 shares during the period. Trek Financial LLC lifted its holdings in shares of Platinum Group Metals by 57.3% in the 2nd quarter. Trek Financial LLC now owns 2,003,166 shares of the company’s stock valued at $3,065,000 after buying an additional 730,053 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Platinum Group Metals in the second quarter worth about $328,000. Institutional investors and hedge funds own 16.33% of the company’s stock.

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.