Ivanhoe Mines (TSE:IVN) Trading Up 8.6% – Here’s Why

Ivanhoe Mines Ltd. (TSE:IVN) shares were up 8.6% during mid-day trading on Tuesday . The stock traded as high as C$11.39 and last traded at C$11.15. Approximately 5,567,825 shares were traded 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.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IVN. Jefferies Financial Group upped their price objective on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a report on Friday, April 4th. UBS Group lowered their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. TD Securities reduced their price target on shares of 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. Raymond James dropped their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a report on Thursday, January 9th. Finally, Scotiabank reduced their price target on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a research report on Thursday, January 9th. Eight investment 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$23.20.

Ivanhoe Mines Stock Down 10.1 %

The company has a market capitalization of C$10.35 billion, a price-to-earnings ratio of 66.02 and a beta of 1.94. 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 50 day moving average price of C$14.29 and a two-hundred day moving average price 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.