Platinum Group Metals (NYSE:PLG) Shares Up 3.2% – Should You Buy?

Platinum Group Metals Ltd. (NYSE:PLG) shares rose 3.2% on Wednesday . The stock traded as high as $1.28 and last traded at $1.28. Approximately 434,847 shares changed hands during trading, an increase of 15% from the average daily volume of 378,219 shares. The stock had previously closed at $1.24.

Platinum Group Metals Stock Up 3.2 %

The stock has a market cap of $131.49 million, a P/E ratio of -21.33 and a beta of 1.76. The firm’s 50-day moving average is $1.45 and its two-hundred day moving average is $1.50.

Hedge Funds Weigh In On Platinum Group Metals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLG. The Manufacturers Life Insurance Company acquired a new position in Platinum Group Metals during the third quarter valued at approximately $1,263,000. XTX Topco Ltd acquired a new position in Platinum Group Metals during the third quarter valued at approximately $30,000. MCIA Inc acquired a new position in Platinum Group Metals during the third quarter valued at approximately $41,000. Finally, Sanctuary Advisors LLC acquired a new position in Platinum Group Metals during the third quarter valued at approximately $36,000. 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.