Platinum Group Metals (NYSE:PLG) Shares Down 11.8% – Time to Sell?

Shares of Platinum Group Metals Ltd. (NYSE:PLG) dropped 11.8% during mid-day trading on Friday . The stock traded as low as $1.92 and last traded at $1.95. Approximately 4,535,822 shares changed hands during trading, an increase of 8% from the average daily volume of 4,211,364 shares. The stock had previously closed at $2.21.

Platinum Group Metals Stock Down 11.8%

The firm has a market capitalization of $247.31 million, a price-to-earnings ratio of -32.50 and a beta of 1.14. The business’s fifty day moving average is $2.59 and its 200 day moving average is $2.38.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Millennium Management LLC grew its position in Platinum Group Metals by 310.9% in the third 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 in the last quarter. Trek Financial LLC lifted its position in Platinum Group Metals by 57.3% during the 2nd quarter. Trek Financial LLC now owns 2,003,166 shares of the company’s stock worth $3,065,000 after buying an additional 730,053 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Platinum Group Metals during the 4th quarter worth about $1,524,000. Two Sigma Investments LP boosted its stake in shares of Platinum Group Metals by 130.8% during the 3rd quarter. Two Sigma Investments LP now owns 736,330 shares of the company’s stock worth $1,951,000 after buying an additional 417,306 shares during the last quarter. Finally, Virtu Financial LLC bought a new position in shares of Platinum Group Metals in the 3rd quarter valued at about $1,095,000. 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.