Ivanhoe Mines (TSE:IVN) Trading Up 8.6% – Time to Buy?

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

Analyst Ratings Changes

A number of analysts recently issued reports on IVN shares. Citigroup decreased 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. Jefferies Financial Group increased their price objective on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a research report on Friday. TD Securities reduced their target price on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a research report on Thursday, January 9th. Raymond James reduced their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a research note on Thursday, January 9th. Finally, UBS Group reduced their target price on Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of C$23.00.

Ivanhoe Mines Stock Performance

The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The stock has a market cap of C$10.75 billion, a price-to-earnings ratio of 68.56 and a beta of 1.94. The company’s 50-day simple moving average is C$14.64 and its 200-day simple moving average is C$17.08.

Ivanhoe Mines Company Profile

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.