Platinum Group Metals (TSE:PTM) Trading Down 5.9% – Here’s Why

Platinum Group Metals Ltd. (TSE:PTM) (NYSE:PLG) shares fell 5.9% during trading on Wednesday . The stock traded as low as C$3.63 and last traded at C$3.66. 118,396 shares were traded during trading, an increase of 8% from the average session volume of 110,042 shares. The stock had previously closed at C$3.89.

Platinum Group Metals Stock Performance

The stock has a fifty day simple moving average of C$3.23 and a two-hundred day simple moving average of C$2.74. The company has a debt-to-equity ratio of 0.99, a quick ratio of 11.34 and a current ratio of 2.66. The stock has a market cap of C$434.28 million, a price-to-earnings ratio of -93.00 and a beta of 1.86.

Insiders Place Their Bets

In other news, Director Stuart Harshaw sold 9,000 shares of the stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of C$4.51, for a total value of C$40,590.00. Following the completion of the transaction, the director owned 2,734 shares of the company’s stock, valued at approximately C$12,330.34. This represents a 76.70% decrease in their ownership of the stock. Also, Director Frank Hallam sold 20,000 shares of Platinum Group Metals stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of C$4.16, for a total transaction of C$83,200.00. Following the sale, the director directly owned 183,200 shares in the company, valued at C$762,112. This trade represents a 9.84% decrease in their ownership of the stock. Over the last 90 days, insiders sold 43,078 shares of company stock valued at $186,948. 26.47% of the stock is currently owned by corporate insiders.

Platinum Group Metals Company Profile

Platinum Group Metals Ltd is the operator of the Waterberg Project, a bulk underground PGM deposit located in South Africa. Waterberg was discovered by Platinum Group and is being jointly developed with Implats, the Japan Oil, Gas and Metals National Corporation (JOGMEC) and Hanwa Co Ltd. Waterberg has the potential to be a large-scale, low-cost producer of palladium, platinum, rhodium, and gold. Geographically, it operates in Canada and South Africa.