Ivanhoe Mines (TSE:IVN) Stock Price Up 8.6% Following Analyst Upgrade

Shares of Ivanhoe Mines Ltd. (TSE:IVN) traded up 8.6% during mid-day trading on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The company traded as high as C$11.39 and last traded at C$11.15. 5,567,825 shares traded hands during trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Several other research analysts have also recently issued reports on the company. Raymond James cut their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. Citigroup cut their price objective on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. UBS Group lowered their target price on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Scotiabank cut their price target on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a report on Thursday, January 9th. Finally, TD Securities decreased their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating for the company in a research note on Thursday, January 9th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of C$23.00.

Ivanhoe Mines Trading Up 8.6 %

The stock’s 50 day simple moving average is C$14.64 and its two-hundred day simple moving average is C$17.08. The stock has a market capitalization of C$10.57 billion, a PE ratio of 67.41 and a beta of 1.94. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86.

Ivanhoe Mines Company Profile

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.