Intrepid Potash (NYSE:IPI) Shares Up 7.8% – Here’s What Happened

Intrepid Potash, Inc (NYSE:IPI)’s stock price shot up 7.8% on Tuesday . The company traded as high as $41.92 and last traded at $41.69. 192,885 shares traded hands during trading, a decline of 34% from the average session volume of 291,314 shares. The stock had previously closed at $38.67.

Analysts Set New Price Targets

A number of analysts have issued reports on IPI shares. UBS Group boosted their target price on Intrepid Potash from $24.00 to $25.00 and gave the company a “sell” rating in a research report on Thursday, March 5th. Weiss Ratings restated a “sell (d-)” rating on shares of Intrepid Potash in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Sell” and an average price target of $25.00.

Intrepid Potash Stock Performance

The stock has a market capitalization of $555.64 million, a PE ratio of 48.88 and a beta of 1.53. The firm’s 50 day moving average is $35.89 and its two-hundred day moving average is $30.47.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings results on Wednesday, March 4th. The basic materials company reported $0.49 EPS for the quarter, beating the consensus estimate of $0.26 by $0.23. The company had revenue of $75.88 million during the quarter, compared to analysts’ expectations of $65.25 million. Intrepid Potash had a net margin of 3.75% and a return on equity of 3.93%. On average, analysts anticipate that Intrepid Potash, Inc will post -0.17 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Intrepid Potash by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company’s stock valued at $193,000 after buying an additional 312 shares during the last quarter. Empowered Funds LLC raised its stake in Intrepid Potash by 7.3% in the first quarter. Empowered Funds LLC now owns 60,623 shares of the basic materials company’s stock valued at $1,782,000 after buying an additional 4,137 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Intrepid Potash by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 241,039 shares of the basic materials company’s stock worth $8,614,000 after buying an additional 1,520 shares during the last quarter. SG Americas Securities LLC lifted its holdings in Intrepid Potash by 32.7% during the 2nd quarter. SG Americas Securities LLC now owns 7,377 shares of the basic materials company’s stock worth $264,000 after buying an additional 1,817 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Intrepid Potash during the 2nd quarter worth about $300,000. 56.13% of the stock is owned by institutional investors and hedge funds.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.