Intrepid Potash, Inc (IPI) Sees Large Growth in Short Interest
Intrepid Potash, Inc (NYSE:IPI) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totalling 9,839,063 shares, an increase of 86.8% from the June 15th total of 5,266,836 shares. Based on an average daily volume of 2,038,148 shares, the short-interest ratio is currently 4.8 days. Currently, 10.6% of the company’s shares are short sold.
Intrepid Potash (NYSE IPI) opened at 2.72 on Tuesday. Intrepid Potash has a 12-month low of $0.93 and a 12-month high of $3.04. The company’s market capitalization is $333.86 million. The stock has a 50 day moving average of $2.26 and a 200-day moving average of $2.03.
Intrepid Potash (NYSE:IPI) last released its earnings results on Tuesday, May 2nd. The basic materials company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.09) by $0.06. The firm had revenue of $48.30 million during the quarter, compared to analyst estimates of $33.18 million. Intrepid Potash had a negative net margin of 33.27% and a negative return on equity of 14.71%. The business’s revenue was down 34.1% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.22) earnings per share. Equities analysts expect that Intrepid Potash will post ($0.29) earnings per share for the current year.
In related news, insider Robert P. Jornayvaz III purchased 13,800 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were purchased at an average cost of $2.10 per share, for a total transaction of $28,980.00. Following the completion of the acquisition, the insider now owns 565,390 shares in the company, valued at approximately $1,187,319. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John G. Mansanti sold 12,669 shares of the company’s stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $2.24, for a total transaction of $28,378.56. Following the completion of the transaction, the senior vice president now owns 48,483 shares in the company, valued at $108,601.92. The disclosure for this sale can be found here. Corporate insiders own 27.20% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Fairfax Financial Holdings Ltd Can purchased a new position in Intrepid Potash during the first quarter valued at $28,500,000. FMR LLC boosted its position in shares of Intrepid Potash by 203.7% in the fourth quarter. FMR LLC now owns 4,866,500 shares of the basic materials company’s stock valued at $10,123,000 after buying an additional 3,263,900 shares during the last quarter. Bienville Capital Management LLC boosted its position in shares of Intrepid Potash by 4,116.7% in the first quarter. Bienville Capital Management LLC now owns 2,560,728 shares of the basic materials company’s stock valued at $4,404,000 after buying an additional 2,500,000 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of Intrepid Potash during the first quarter valued at about $1,472,000. Finally, Renaissance Technologies LLC boosted its position in shares of Intrepid Potash by 21.6% in the fourth quarter. Renaissance Technologies LLC now owns 4,255,050 shares of the basic materials company’s stock valued at $8,851,000 after buying an additional 754,550 shares during the last quarter. 42.35% of the stock is owned by institutional investors.
A number of research analysts have recently commented on the stock. BMO Capital Markets restated a “hold” rating and issued a $2.00 price target on shares of Intrepid Potash in a report on Friday, July 7th. BidaskClub upgraded shares of Intrepid Potash from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Zacks Investment Research cut shares of Intrepid Potash from a “buy” rating to a “hold” rating in a report on Tuesday, March 28th.
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About Intrepid Potash
Intrepid Potash, Inc is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium-related products. Its products are potash and Trio.
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