Ivanhoe Mines (TSE:IVN) Trading Up 7.8% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price traded up 7.8% 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$11.07. 4,033,377 shares traded hands during mid-day trading, an increase of 70% from the average session volume of 2,374,702 shares. The stock had previously closed at C$10.27.

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

Ivanhoe Mines Stock Down 5.0 %

The company has a current ratio of 1.36, a quick ratio of 20.86 and a debt-to-equity ratio of 2.48. The stock has a market cap of C$10.04 billion, a P/E ratio of 64.03 and a beta of 1.94. The stock’s fifty day moving average price is C$14.44 and its 200 day moving average price is C$16.99.

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.