Ivanhoe Mines (TSE:IVN) Trading 8.6% Higher – Here’s What Happened

Shares of Ivanhoe Mines Ltd. (TSE:IVN) traded up 8.6% during trading on Tuesday . The stock traded as high as C$11.39 and last traded at C$11.15. 5,567,825 shares were traded during mid-day trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Scotiabank dropped their price target on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. UBS Group dropped their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. TD Securities decreased their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating for the company in a research report on Thursday, January 9th. Jefferies Financial Group raised their price objective on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a report on Friday, April 4th. Finally, Citigroup dropped their target price on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ivanhoe Mines currently has a consensus rating of “Buy” and a consensus target price of C$23.20.

Ivanhoe Mines Trading Down 10.1 %

The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The stock has a market cap of C$10.35 billion, a PE ratio of 66.02 and a beta of 1.94. The firm has a 50-day simple moving average of C$14.29 and a 200-day simple moving average of C$16.92.

Ivanhoe Mines Company Profile

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.