Ivanhoe Mines (TSE:IVN) Trading Up 7.8% Following Analyst Upgrade

Shares of Ivanhoe Mines Ltd. (TSE:IVN) were up 7.8% on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The company traded as high as C$11.39 and last traded at C$11.07. Approximately 4,033,377 shares changed hands during trading, an increase of 70% from the average daily volume of 2,374,702 shares. The stock had previously closed at C$10.27.

IVN has been the subject of several other reports. Citigroup cut their target price on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. TD Securities decreased their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. UBS Group dropped their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Raymond James reduced their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. Finally, Scotiabank cut their price target on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a report on Thursday, January 9th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of C$23.00.

Ivanhoe Mines Stock Up 7.9 %

The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. The company has a market cap of C$10.50 billion, a price-to-earnings ratio of 66.99 and a beta of 1.94. The firm’s 50-day moving average price is C$14.74 and its 200-day moving average price is C$17.13.

About Ivanhoe Mines

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.