Sylvania Platinum (LON:SLP) Shares Cross Above 200 Day Moving Average – Here’s Why

Sylvania Platinum Limited (LON:SLP) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 101.72 and traded as high as GBX 103.20. Sylvania Platinum shares last traded at GBX 98.50, with a volume of 337,023 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Berenberg Bank boosted their target price on Sylvania Platinum from GBX 166 to GBX 169 and gave the stock a “buy” rating in a report on Friday, May 8th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of GBX 169.

Sylvania Platinum Stock Performance

The firm has a market capitalization of £254.94 million, a PE ratio of 7.07, a PEG ratio of 0.05 and a beta of 1.77. The firm’s fifty day moving average price is GBX 98.47 and its 200 day moving average price is GBX 101.72. The company has a current ratio of 5.30, a quick ratio of 15.92 and a debt-to-equity ratio of 0.36.

Sylvania Platinum announced that its board has initiated a share buyback plan on Monday, March 23rd that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Sylvania Platinum news, insider Martin Preece purchased 65,100 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was purchased at an average price of GBX 84 per share, with a total value of £54,684. Also, insider Eileen Carr acquired 25,000 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were purchased at an average cost of GBX 81 per share, with a total value of £20,250. 4.80% of the stock is owned by company insiders.

About Sylvania Platinum

Sylvania Platinum is a rapidly expanding low-cost PGMs producer listed on the London Stock Exchange’s Alternative Investment Market (AIM: SLP).

Sylvania is a mid-tier, lower unit cost Platinum Group Metal (PGM)minerals reprocessing and development Company. Our operational arm, Sylvania Dump Operations (SDO), has six chrome beneficiation and PGM processing plants in the Eastern and Western limb of the Bushveld Igneous Complex (BIC).

A pioneer in chrome tailings reprocessing, Sylvania treats a combination of current and historical chrome tailings at our host mine sites.