Intrepid Potash (NYSE:IPI) Shares Pass Above 200-Day Moving Average – Should You Sell?

Intrepid Potash, Inc (NYSE:IPI) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $29.10 and traded as high as $34.91. Intrepid Potash shares last traded at $33.3770, with a volume of 102,105 shares changing hands.

Wall Street Analyst Weigh In

IPI has been the topic of a number of recent analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Intrepid Potash in a research report on Thursday, January 22nd. UBS Group raised their price objective on shares of Intrepid Potash from $23.00 to $24.00 and gave the company a “sell” rating in a research note on Monday, January 12th. Wall Street Zen cut Intrepid Potash from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Zacks Research downgraded Intrepid Potash from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Sell” and a consensus price target of $24.00.

Intrepid Potash Trading Down 1.8%

The stock has a fifty day moving average of $28.49 and a 200-day moving average of $29.10. The firm has a market capitalization of $448.25 million, a price-to-earnings ratio of -2.20 and a beta of 1.59.

Intrepid Potash (NYSE:IPI) last announced its earnings results on Wednesday, November 5th. The basic materials company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.02). Intrepid Potash had a negative net margin of 70.24% and a positive return on equity of 2.32%. The company had revenue of $53.22 million for the quarter, compared to analysts’ expectations of $49.54 million. As a group, equities research analysts forecast that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Intrepid Potash by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company’s stock worth $193,000 after acquiring an additional 312 shares in the last quarter. Empowered Funds LLC boosted its stake in Intrepid Potash by 7.3% in the 1st quarter. Empowered Funds LLC now owns 60,623 shares of the basic materials company’s stock worth $1,782,000 after purchasing an additional 4,137 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Intrepid Potash in the 2nd quarter worth approximately $1,182,000. Y Intercept Hong Kong Ltd purchased a new position in Intrepid Potash during the 2nd quarter worth approximately $1,125,000. Finally, Cornerstone Investment Partners LLC acquired a new stake in Intrepid Potash during the 2nd quarter valued at $208,000. 56.13% of the stock is currently owned by institutional investors and hedge funds.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.