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

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price passed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of C$15.57 and traded as high as C$17.42. Ivanhoe Mines shares last traded at C$17.14, with a volume of 4,737,093 shares changing hands.

Analysts Set New Price Targets

A number of research firms recently weighed in on IVN. Citigroup raised their price target on Ivanhoe Mines from C$14.00 to C$18.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Scotiabank raised their target price on Ivanhoe Mines from C$18.50 to C$20.00 and gave the company an “outperform” rating in a research note on Thursday, January 8th. Stifel Nicolaus lifted their price target on Ivanhoe Mines from C$16.00 to C$18.00 in a report on Tuesday, October 21st. Finally, Jefferies Financial Group downgraded shares of Ivanhoe Mines from a “buy” rating to a “hold” rating and reduced their price target for the stock from C$18.00 to C$16.00 in a research report on Monday, December 8th. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Ivanhoe Mines has an average rating of “Moderate Buy” and a consensus price target of C$17.55.

Ivanhoe Mines Price Performance

The company has a market capitalization of C$24.33 billion, a price-to-earnings ratio of 77.91 and a beta of 1.96. 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 company has a 50 day moving average price of C$15.57 and a 200 day moving average price of C$13.85.

Ivanhoe Mines (TSE:IVN) last posted 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. As a group, equities research analysts forecast that Ivanhoe Mines Ltd. will post 1.0136483 earnings per share for the current year.

Insider Activity

In other news, insider Mark Sean Farren sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of C$13.40, for a total value of C$804,000.00. Following the transaction, the insider owned 174,923 shares of the company’s stock, valued at approximately C$2,343,968.20. This trade represents a 25.54% decrease in their position. Also, insider Citic Metal Africa Investments Limited sold 350,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 30th. The stock was sold at an average price of C$15.71, for a total transaction of C$5,498,500.00. In the last quarter, insiders have sold 566,849 shares of company stock valued at $8,458,448. 44.96% of the stock is currently owned by insiders.

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.