Ivanhoe Mines (TSE:IVN) Shares Pass Above 50 Day Moving Average – Here’s What Happened

Ivanhoe Mines Ltd. (TSE:IVN) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$13.89 and traded as high as C$15.90. Ivanhoe Mines shares last traded at C$15.65, with a volume of 1,128,302 shares.

Wall Street Analyst Weigh In

IVN has been the topic of a number of recent analyst reports. TD Securities raised their price target on shares of Ivanhoe Mines from C$13.00 to C$16.00 and gave the stock a “buy” rating in a report on Monday, September 29th. Jefferies Financial Group lowered Ivanhoe Mines from a “buy” rating to a “hold” rating and cut their price objective for the stock from C$18.00 to C$16.00 in a research report on Monday, December 8th. Stifel Nicolaus raised their price target on Ivanhoe Mines from C$16.00 to C$18.00 in a research note on Tuesday, October 21st. Citigroup upped their price objective on shares of Ivanhoe Mines from C$14.00 to C$18.00 and gave the stock a “buy” rating in a report on Wednesday, October 8th. Finally, Scotiabank raised shares of Ivanhoe Mines from a “hold” rating to an “outperform” rating and lifted their target price for the company from C$12.50 to C$17.00 in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of C$17.25.

Ivanhoe Mines Trading Down 1.8%

The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36. The stock has a 50-day moving average of C$13.89 and a two-hundred day moving average of C$12.66. The company has a market cap of C$22.22 billion, a P/E ratio of 71.14 and a beta of 1.96.

Ivanhoe Mines (TSE:IVN) last announced its quarterly earnings results on Wednesday, October 29th. The company reported C$0.02 earnings per share (EPS) for the quarter. The firm had revenue of C$180.18 million during the quarter. On average, equities research analysts predict that Ivanhoe Mines Ltd. will post 1.0136483 earnings per share for the current year.

Insider Activity

In related news, insider Mark Sean Farren sold 60,000 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of C$13.40, for a total transaction of C$804,000.00. Following the sale, the insider directly owned 174,923 shares of the company’s stock, valued at C$2,343,968.20. This trade represents a 25.54% decrease in their ownership of the stock. Insiders sold 200,290 shares of company stock worth $2,687,823 over the last 90 days. Corporate insiders own 44.96% of the company’s stock.

About Ivanhoe Mines

Ivanhoe Mines Ltd is a mineral exploration and development company. The company, together with its subsidiaries, explores, develops, and recovers minerals and precious gems from its property interests located in Africa. The group explores platinum, nickel, copper, gold, silver, cobalt, iron, vanadium, and chrome. It operates in four segments: Platreef property, Kamoa Holding joint venture, Kipushi properties, and the Company’s treasury offices.