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

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price rose 8.6% during mid-day trading on Tuesday . The company traded as high as C$11.39 and last traded at C$11.15. Approximately 5,567,825 shares were traded during 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 analysts recently issued reports on IVN shares. Citigroup reduced their price objective on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a report on Tuesday, February 25th. Jefferies Financial Group boosted their price target on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a research note on Friday. UBS Group decreased their price objective on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Scotiabank dropped their target price on shares of 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. Finally, TD Securities cut 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 report on Thursday, January 9th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ivanhoe Mines currently has an average rating of “Buy” and a consensus price target of C$23.00.

Ivanhoe Mines Stock 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 company has a market capitalization of C$10.41 billion, a price-to-earnings ratio of 66.38 and a beta of 1.94. The stock’s fifty day simple moving average is C$14.64 and its 200-day simple moving average is 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.