What just happened? Platinum Group Metals Ltd. (NYSE:PLG) stock value has plummeted by nearly -3.21% or (-0.07 points) to $2.11 from its previous close of $2.18. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 99415 contracts so far this session. PLG shares had a relatively better volume day versus average trading capacity of 244.21 thousand shares, but with a 31.12 million float and a -4.39% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for PLG stock indicates that the average analyst price target is $6.96 per share. This means the stock has a potential increase of 229.86% from where the PLG share price has been trading recently.
During the recent trading session for Platinum Group Metals Ltd. (NYSE:PLG), the company witnessed their stock drop by $-0.15 over a week and surge $0.16 from the price 20 days ago. When compared to their established 52-week high of $2.98, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 01/21/20. The recent low of $1.04 stood for a -29.19% since 08/16/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.56 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for Platinum Group Metals Ltd., the two-week RSI stands at 51.03. This figure suggests that PLG stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current PLG readings is similarly very revealing as it has a stochastic reading of 46.24% at this stage. This figure means that PLG share price today is being neutral.
Technical chart claims that Platinum Group Metals Ltd. (PLG) would settle between $2.25/share to $2.33/share level. However, if the stock price goes below the $2.1 mark, then the market for Platinum Group Metals Ltd. becomes much weaker. If that happens, the stock price might even plunge as low as $2.03 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.09. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at CIBC raised their recommendation on shares of PLG from Sector Underperform to Sector Perform in their opinion released on June 27. BMO Capital Markets, analysts launched coverage of Platinum Group Metals Ltd. (NYSE:PLG) stock with a Outperform recommendation, according to their flash note issued to investors on June 07. Analysts at RBC Capital Mkts released an upgrade from Sector Perform to Outperform for the stock, in a research note that dated back to January 23.