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

Intrepid Potash, Inc (NYSE:IPI) shares passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $34.23 and traded as high as $39.63. Intrepid Potash shares last traded at $38.6780, with a volume of 129,720 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IPI. Weiss Ratings upgraded shares of Intrepid Potash from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, May 22nd. UBS Group raised their target price on shares of Intrepid Potash from $25.00 to $26.00 and gave the company a “sell” rating in a research note on Thursday, May 14th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Intrepid Potash presently has an average rating of “Reduce” and a consensus target price of $26.00.

Intrepid Potash Stock Down 2.8%

The company’s 50 day moving average price is $40.19 and its 200 day moving average price is $34.23. The firm has a market capitalization of $519.45 million, a price-to-earnings ratio of 36.49 and a beta of 1.25.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. Intrepid Potash had a net margin of 4.68% and a return on equity of 4.53%. The business had revenue of $98.69 million during the quarter, compared to the consensus estimate of $88.30 million. As a group, analysts expect that Intrepid Potash, Inc will post 1.62 earnings per share for the current year.

Insider Activity at Intrepid Potash

In other news, Director Lori A. Lancaster sold 4,800 shares of Intrepid Potash stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $45.24, for a total transaction of $217,152.00. Following the completion of the sale, the director directly owned 10,540 shares in the company, valued at approximately $476,829.60. The trade was a 31.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Intrepid Potash

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signaturefd LLC lifted its stake in shares of Intrepid Potash by 668.1% during the fourth quarter. Signaturefd LLC now owns 914 shares of the basic materials company’s stock worth $25,000 after buying an additional 795 shares during the period. EverSource Wealth Advisors LLC raised its holdings in shares of Intrepid Potash by 197.8% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 544 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of Intrepid Potash during the first quarter worth $37,000. Federated Hermes Inc. raised its holdings in shares of Intrepid Potash by 354.7% during the third quarter. Federated Hermes Inc. now owns 1,355 shares of the basic materials company’s stock worth $41,000 after purchasing an additional 1,057 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in shares of Intrepid Potash during the fourth quarter worth $44,000. 56.13% of the stock is currently owned by institutional investors and hedge funds.

Intrepid Potash Company Profile

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.