Platinum Group Metals (NYSE:PLG) Stock Price Down 3% – Here’s What Happened

Platinum Group Metals Ltd. (NYSE:PLG)’s stock price dropped 3% during mid-day trading on Monday . The stock traded as low as $1.26 and last traded at $1.29. Approximately 952,817 shares changed hands during trading, a decline of 62% from the average session volume of 2,504,347 shares. The stock had previously closed at $1.33.

Platinum Group Metals Stock Down 3.0%

The company has a market capitalization of $164.97 million, a PE ratio of -21.50 and a beta of 1.19. The business has a 50 day simple moving average of $1.54 and a 200 day simple moving average of $2.03.

Hedge Funds Weigh In On Platinum Group Metals

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC raised its position in shares of Platinum Group Metals by 310.9% in the 3rd quarter. Millennium Management LLC now owns 1,017,139 shares of the company’s stock valued at $2,695,000 after purchasing an additional 769,585 shares during the last quarter. Walleye Capital LLC purchased a new stake in Platinum Group Metals during the 4th quarter worth approximately $1,524,000. Renaissance Technologies LLC acquired a new position in Platinum Group Metals during the 1st quarter valued at approximately $1,139,000. Two Sigma Investments LP increased its stake in Platinum Group Metals by 130.8% during the 3rd quarter. Two Sigma Investments LP now owns 736,330 shares of the company’s stock valued at $1,951,000 after purchasing an additional 417,306 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in shares of Platinum Group Metals in the third quarter worth $1,095,000. 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.