Ivanhoe Mines (TSE:IVN) Stock Price 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 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

IVN has been the topic of several analyst reports. Citigroup dropped their price target on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research report on Tuesday, February 25th. TD Securities reduced their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating for the company in a report on Thursday, January 9th. Scotiabank lowered their price target on 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 cut their price objective on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Finally, Jefferies Financial Group boosted their price target on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a report on Friday, April 4th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of C$23.20.

Ivanhoe Mines Price Performance

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

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.