Ivanhoe Mines (TSE:IVN) Shares Pass Below 50 Day Moving Average – Time to Sell?

Ivanhoe Mines Ltd. (TSE:IVN) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of C$11.47 and traded as low as C$10.46. Ivanhoe Mines shares last traded at C$10.49, with a volume of 2,494,412 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IVN. Morgan Stanley upgraded Ivanhoe Mines from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from C$12.00 to C$13.20 in a research report on Wednesday, July 8th. Scotiabank raised their target price on shares of Ivanhoe Mines from C$13.00 to C$13.50 and gave the company a “sector perform” rating in a report on Monday, June 15th. Royal Bank Of Canada cut shares of Ivanhoe Mines from a “moderate buy” rating to a “hold” rating in a research report on Monday, April 6th. Canaccord Genuity Group cut their price target on shares of Ivanhoe Mines from C$15.00 to C$11.50 and set a “hold” rating for the company in a report on Monday, April 6th. Finally, Citigroup reduced their price target on shares of Ivanhoe Mines from C$18.00 to C$13.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of C$14.24.

Ivanhoe Mines Stock Down 1.7%

The company has a quick ratio of 20.86, a current ratio of 2.33 and a debt-to-equity ratio of 21.02. The firm has a 50 day moving average of C$11.45 and a two-hundred day moving average of C$13.23. The firm has a market capitalization of C$13.99 billion, a price-to-earnings ratio of 109.00 and a beta of 1.58.

Insider Activity

In related news, Director Setha Patricia Makhesha sold 5,200 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of C$11.45, for a total transaction of C$59,540.00. Following the completion of the transaction, the director directly owned 77,922 shares in the company, valued at C$892,206.90. This represents a 6.26% decrease in their position. Over the last 90 days, insiders have sold 10,000 shares of company stock worth $114,554. Insiders own 44.96% of the company’s stock.

About Ivanhoe Mines

Ivanhoe Mines Ltd is a mineral exploration and development company. The company, together with its subsidiaries, explores, develops, and recovers minerals and precious gems from its property interests located in Africa. The group explores platinum, nickel, copper, gold, silver, cobalt, iron, vanadium, and chrome. It operates in four segments: Platreef property, Kamoa Holding joint venture, Kipushi properties, and the Company’s treasury offices.