UBS Group Lowers Intrepid Potash (NYSE:IPI) Price Target to $19.00

Intrepid Potash (NYSE:IPI) had its price objective decreased by stock analysts at UBS Group from $20.00 to $19.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “sell” rating on the basic materials company’s stock. UBS Group’s price target would indicate a potential downside of 35.78% from the company’s current price.

Separately, StockNews.com downgraded shares of Intrepid Potash from a “hold” rating to a “sell” rating in a research note on Thursday, March 27th.

Intrepid Potash Price Performance

NYSE IPI traded up $0.42 on Wednesday, hitting $29.59. The stock had a trading volume of 29,950 shares, compared to its average volume of 105,935. Intrepid Potash has a 52-week low of $18.83 and a 52-week high of $31.60. The business’s fifty day moving average price is $26.97 and its 200 day moving average price is $25.85. The stock has a market cap of $391.29 million, a price-to-earnings ratio of -8.83 and a beta of 1.78.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings results on Monday, March 3rd. The basic materials company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. The business had revenue of $55.80 million during the quarter, compared to analyst estimates of $50.35 million. During the same period in the prior year, the business posted ($0.41) EPS. As a group, sell-side analysts anticipate that Intrepid Potash will post -0.17 EPS for the current year.

Insider Activity

In related news, major shareholder Robert P. Jornayvaz III sold 57,441 shares of Intrepid Potash stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $25.84, for a total transaction of $1,484,275.44. Following the completion of the transaction, the insider now directly owns 1,227,559 shares in the company, valued at approximately $31,720,124.56. This trade represents a 4.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 227,822 shares of company stock valued at $6,168,606 in the last ninety days. Insiders own 18.00% of the company’s stock.

Hedge Funds Weigh In On Intrepid Potash

A number of large investors have recently bought and sold shares of the business. Assenagon Asset Management S.A. acquired a new stake in Intrepid Potash in the 1st quarter valued at $211,000. Summit Global Investments acquired a new stake in Intrepid Potash in the 1st quarter worth about $417,000. GAMMA Investing LLC lifted its position in shares of Intrepid Potash by 3,323.2% in the first quarter. GAMMA Investing LLC now owns 29,713 shares of the basic materials company’s stock valued at $8,730,000 after acquiring an additional 28,845 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Intrepid Potash in the fourth quarter worth approximately $1,007,000. Finally, Two Sigma Investments LP increased its position in shares of Intrepid Potash by 16.7% during the fourth quarter. Two Sigma Investments LP now owns 75,974 shares of the basic materials company’s stock worth $1,665,000 after purchasing an additional 10,894 shares in the last quarter. Institutional investors and hedge funds own 56.13% of the company’s stock.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.