Ivanhoe Mines (TSE:IVN) Shares Up 8.6% – Here’s What Happened

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. UBS Group reduced their price target on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Raymond James reduced their target price on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a report on Thursday, January 9th. Jefferies Financial Group upped their price target on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a report on Friday. Scotiabank reduced their price objective on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a research note on Thursday, January 9th. Finally, Citigroup decreased their price objective on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Ivanhoe Mines has an average rating of “Buy” and a consensus target price of C$23.00.

Ivanhoe Mines Price Performance

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 firm has a market capitalization of C$10.75 billion, a PE ratio of 68.56 and a beta of 1.94. The stock has a 50-day moving average price of C$14.64 and a 200 day moving average price of C$17.08.

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.