Ivanhoe Mines (TSE:IVN) Stock Passes Below 200 Day Moving Average – Here’s Why

Shares of Ivanhoe Mines Ltd. (TSE:IVN) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$12.24 and traded as low as C$11.82. Ivanhoe Mines shares last traded at C$12.37, with a volume of 4,582,238 shares changing hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Morgan Stanley raised shares of Ivanhoe Mines from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from C$12.00 to C$13.20 in a research report on Wednesday, July 8th. Scotiabank upped their price target on shares of Ivanhoe Mines from C$13.00 to C$13.50 and gave the company a “sector perform” rating in a research report on Monday, June 15th. Finally, Canaccord Genuity Group raised shares of Ivanhoe Mines from a “hold” rating to a “buy” rating and raised their price objective for the stock from C$12.00 to C$13.00 in a research note on Tuesday, July 21st. Five investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of C$14.41.

Ivanhoe Mines Stock Up 8.3%

The firm has a market cap of C$17.64 billion, a PE ratio of 137.44 and a beta of 1.54. The company has a debt-to-equity ratio of 21.70, a current ratio of 2.16 and a quick ratio of 20.86. The business has a fifty day moving average price of C$10.99 and a two-hundred day moving average price of C$12.24.

Ivanhoe Mines (TSE:IVN) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$0.04 earnings per share (EPS) for the quarter. Ivanhoe Mines had a return on equity of 2.32% and a net margin of 23.46%.The firm had revenue of C$216.83 million during the quarter. On average, analysts anticipate that Ivanhoe Mines Ltd. will post 1.0136483 EPS for the current fiscal year.

Ivanhoe Mines Company Profile

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal operations in Southern Africa; the Kamoa-Kakula Copper Complex in the DRC, the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper mine in South Africa. Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District.