Intrepid Potash (NYSE:IPI) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Intrepid Potash, Inc (NYSE:IPI) shares crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $29.03 and traded as high as $33.44. Intrepid Potash shares last traded at $33.1960, with a volume of 186,515 shares changing hands.

Analysts Set New Price Targets

A number of analysts have weighed in on IPI shares. Zacks Research lowered Intrepid Potash from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Intrepid Potash in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Intrepid Potash from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, UBS Group raised their target price on shares of Intrepid Potash from $23.00 to $24.00 and gave the stock a “sell” rating in a research report on Monday, January 12th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Sell” and an average price target of $24.00.

Intrepid Potash Price Performance

The company’s fifty day simple moving average is $30.50 and its 200-day simple moving average is $29.03. The firm has a market capitalization of $445.82 million, a PE ratio of -2.19 and a beta of 1.59.

Institutional Investors Weigh In On Intrepid Potash

A number of large investors have recently modified their holdings of IPI. Vanguard Group Inc. increased its holdings in shares of Intrepid Potash by 12.6% during the third quarter. Vanguard Group Inc. now owns 726,027 shares of the basic materials company’s stock valued at $22,202,000 after acquiring an additional 81,121 shares in the last quarter. Azarias Capital Management L.P. raised its holdings in shares of Intrepid Potash by 13.5% in the fourth quarter. Azarias Capital Management L.P. now owns 294,870 shares of the basic materials company’s stock worth $8,177,000 after buying an additional 35,082 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Intrepid Potash by 0.6% during the second quarter. Geode Capital Management LLC now owns 241,039 shares of the basic materials company’s stock worth $8,614,000 after buying an additional 1,520 shares during the period. American Century Companies Inc. lifted its stake in shares of Intrepid Potash by 24.7% during the second quarter. American Century Companies Inc. now owns 230,113 shares of the basic materials company’s stock worth $8,222,000 after buying an additional 45,577 shares during the period. Finally, Goehring & Rozencwajg Associates LLC grew its holdings in shares of Intrepid Potash by 5.3% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 219,316 shares of the basic materials company’s stock valued at $6,082,000 after buying an additional 11,084 shares during the last quarter. Hedge funds and other institutional investors own 56.13% of the company’s stock.

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.