Ivanhoe Mines (TSE:IVN) Stock Price Up 8.6% on Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price shot up 8.6% during trading 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$11.15. 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.

Other analysts have also recently issued research reports about the company. Raymond James reduced their price objective on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a research report on Thursday, January 9th. Scotiabank lowered their price objective on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a research note on Thursday, January 9th. 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. UBS Group reduced their target price on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Finally, TD Securities dropped their price target on shares of 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of C$23.00.

Ivanhoe Mines Price Performance

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 stock has a 50 day simple moving average of C$14.74 and a 200-day simple moving average of C$17.13. The firm has a market cap of C$10.57 billion, a PE ratio of 67.41 and a beta of 1.94.

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.