Intrepid Potash (NYSE:IPI) Stock Price Up 7.8% – Here’s What Happened

Intrepid Potash, Inc (NYSE:IPI)’s share price traded up 7.8% during mid-day trading on Tuesday . The stock traded as high as $41.92 and last traded at $41.69. 192,885 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 291,314 shares. The stock had previously closed at $38.67.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. UBS Group boosted their price objective on shares of Intrepid Potash from $24.00 to $25.00 and gave the stock a “sell” rating in a research note on Thursday, March 5th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Intrepid Potash in a report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, Intrepid Potash currently has a consensus rating of “Sell” and an average price target of $25.00.

Intrepid Potash Stock Down 0.1%

The company has a market cap of $595.40 million, a P/E ratio of 52.24 and a beta of 1.53. The business has a fifty day simple moving average of $36.30 and a two-hundred day simple moving average of $30.66.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings data on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.23. The firm had revenue of $75.88 million during the quarter, compared to analyst estimates of $65.25 million. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%. On average, equities analysts predict that Intrepid Potash, Inc will post -0.17 EPS for the current fiscal year.

Institutional Trading of Intrepid Potash

Several hedge funds have recently modified their holdings of IPI. Gate City Capital Management LLC increased its position in Intrepid Potash by 338.6% in the fourth quarter. Gate City Capital Management LLC now owns 914,026 shares of the basic materials company’s stock worth $25,346,000 after purchasing an additional 705,638 shares during the last quarter. Azarias Capital Management L.P. raised its holdings in shares of Intrepid Potash by 64.9% in the third quarter. Azarias Capital Management L.P. now owns 259,788 shares of the basic materials company’s stock valued at $7,944,000 after acquiring an additional 102,266 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Intrepid Potash in the second quarter worth approximately $3,441,000. Vanguard Group Inc. boosted its position in shares of Intrepid Potash by 12.6% in the 3rd quarter. Vanguard Group Inc. now owns 726,027 shares of the basic materials company’s stock worth $22,202,000 after purchasing an additional 81,121 shares in the last quarter. Finally, GSA Capital Partners LLP lifted its position in Intrepid Potash by 350.2% during the 3rd quarter. GSA Capital Partners LLP now owns 86,945 shares of the basic materials company’s stock worth $2,659,000 after acquiring an additional 67,631 shares during the period. 56.13% of the stock is owned by hedge funds and other institutional investors.

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.