Ivanhoe Mines (TSE:IVN) Trading 8.6% Higher – Still a Buy?

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price traded up 8.6% during trading on Tuesday . The stock traded as high as C$11.39 and last traded at C$11.15. 5,567,825 shares changed hands during trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Analyst Ratings Changes

IVN has been the subject of several research reports. Scotiabank dropped their price target on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a research report on Thursday, January 9th. Citigroup lowered 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 cut their price objective on shares of 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. Raymond James dropped their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a report on Thursday, January 9th. Finally, UBS Group lowered their price target on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of C$23.20.

Ivanhoe Mines Stock Performance

The firm has a fifty day simple moving average of C$14.29 and a 200-day simple moving average of C$16.92. The company has a market cap of C$10.35 billion, a PE ratio of 66.02 and a beta of 1.94. The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48.

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.