Zacks Research Upgrades Platinum Group Metals (NYSE:PLG) to Hold

Platinum Group Metals (NYSE:PLG) was upgraded by analysts at Zacks Research to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Platinum Group Metals Price Performance

NYSE PLG opened at $1.30 on Monday. The stock has a market capitalization of $166.25 million, a PE ratio of -21.67 and a beta of 1.19. The business has a 50 day simple moving average of $1.53 and a two-hundred day simple moving average of $2.02. Platinum Group Metals has a 1-year low of $1.25 and a 1-year high of $4.04.

Institutional Investors Weigh In On Platinum Group Metals

Several large investors have recently bought and sold shares of 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 last quarter. XTX Topco Ltd bought a new stake in shares of Platinum Group Metals in the 2nd quarter worth about $70,000. Marshall Wace LLP bought a new stake in shares of Platinum Group Metals in the 2nd quarter worth about $328,000. Jane Street Group LLC raised its position in shares of Platinum Group Metals by 182.0% during the 2nd quarter. Jane Street Group LLC now owns 105,718 shares of the company’s stock valued at $162,000 after buying an additional 68,223 shares in the last quarter. Finally, UBS Group AG lifted its holdings in shares of Platinum Group Metals by 81.9% in the 3rd 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 last quarter. Institutional investors 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.