Ivanhoe Mines (TSE:IVN) Trading 2.9% Higher – Should You Buy?

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price was up 2.9% during mid-day trading on Monday . The company traded as high as C$12.57 and last traded at C$12.12. Approximately 574,832 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 2,448,490 shares. The stock had previously closed at C$11.78.

Analyst Ratings Changes

A number of brokerages have weighed in on IVN. Scotiabank reduced 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 note on Thursday, January 9th. UBS Group reduced their price objective on Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Jefferies Financial Group boosted their price objective on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a research note on Friday, April 4th. TD Securities cut their price objective on Ivanhoe Mines from C$22.00 to C$17.00 in a research report on Tuesday. Finally, Citigroup reduced their target price 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. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of C$22.50.

Ivanhoe Mines Stock Down 0.2 %

The firm’s fifty day moving average price is C$13.96 and its 200-day moving average price is C$16.73. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. The firm has a market capitalization of C$11.40 billion, a P/E ratio of 72.73 and a beta of 1.94.

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.