Platinum Group Metals Limited’s (PLG) 30% Jump Causes Company to Issue a Press Release Denying Knowledge of Reason

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You don’t see it too often that a stock suddenly surges in price and then the company issues a press release denying knowledge of the reason. Platinum Group Metals Limited (USA) (NYSEMKT:PLG) did just this today though with a release earlier in the day.

“Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“Platinum Group” or the “Company”) is responding to a request from the Investment Industry Regulatory Organization of Canada (IIROC) on behalf of the Toronto Stock Exchange (TSX) following recent trading activity,” the company explained. “Platinum Group is not aware of any corporate developments to account for this activity. Platinum Group’s policy is not to comment on rumors or speculation, and accordingly does not intend to comment further. For an update regarding the Company’s recent activities please see the Company’s last news release dated February 9, 2016.”

The huge jump in price probably is not being caused by technical factors alone, so it is still up in the air what caused such a jump. The stock is up 30.43% or $0.35 following the news, hitting $1.5 per share. About 2.95M shares traded hands or up 1119.97% from the average. PLG has declined 68.61% since July 10, 2015 and is currently downtrending. It has underperformed the S&P500 by 58.41%.

Platinum Group Metals Ltd. is a platinum-focused exploration and development company. The company has a market cap of $115.60 million. Platinum Group conducts work on mineral properties it has staked or acquired by way of option agreements in the Republic of South Africa and in Canada. It has 595.24 P/E ratio. The Company’s business is focused on the construction of the Project 1 platinum mine and the exploration and initial engineering on the Waterberg Platinum deposit, where the Company is the operator of the 255 square kilometers Waterberg joint venture project (the Waterberg JV Project) with the Japan Oil, Gas and Metals National Corporation (JOGMEC) and Mnombo Wethu Consultants (Pty) Ltd. (Mnombo).

#focuskw=’Platinum Group Metals Limited (USA) (NYSEMKT:PLG)’##metadesc=’You don’t see it too often that a stock suddenly surges in price and then the company issues a press release denying knowledge of the reason. Platinum Group Metals Limited (USA) (NYSEMKT:PLG) did just this today though with a release earlier in the day.

“Platinum Group Metals Ltd. (PTM-TSX; PLG-NYSE MKT) (“Platinum Group” or the “Company”) is responding to a request from the Investment Industry Regulatory Organization of Canada (IIROC) on behalf of the Toronto Stock Exchange (TSX) following recent trading activity,” the company explained. “Platinum Group is not aware of any corporate developments to account for this activity. Platinum Group’s policy is not to comment on rumors or speculation, and accordingly does not intend to comment further. For an update regarding the Company’s recent activities please see the Company’s last news release dated February 9, 2016.”

The huge jump in price probably is not being caused by technical factors alone, so it is still up in the air what caused such a jump. ‘##metarobot=’index’##newskw=’Sony Corp (ADR) news,Sony Corp (ADR) – (NYSE:SNE),NYSE:SNE Analyst rating analysis,Stock Analysis,Outlook and potential,SNE Price change and trend,SNE stock update’##sitemap=’include’##skipsocial##stockticker=’NYSEMKT:PLG’#