IperionX (NASDAQ:IPX) Stock Price Down 5.5% – Here’s Why

IperionX Limited Sponsored ADR (NASDAQ:IPX)’s stock price dropped 5.5% during mid-day trading on Wednesday . The stock traded as low as $21.39 and last traded at $21.2550. 51,311 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 262,146 shares. The stock had previously closed at $22.50.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. BTIG Research lifted their target price on IperionX from $40.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Weiss Ratings restated a “sell (e+)” rating on shares of IperionX in a research note on Friday, July 17th. Finally, Roth Capital set a $53.00 price target on IperionX in a report on Wednesday, August 5th. Five equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, IperionX has an average rating of “Moderate Buy” and a consensus price target of $53.33.

IperionX Trading Up 6.7%

The company’s fifty day simple moving average is $24.47 and its two-hundred day simple moving average is $32.10. The company has a quick ratio of 4.00, a current ratio of 4.03 and a debt-to-equity ratio of 0.03.

Insider Activity at IperionX

In other news, CEO Anastasios Arima purchased 138,720 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The stock was acquired at an average cost of $3.58 per share, with a total value of $496,617.60. Following the acquisition, the chief executive officer owned 12,455,502 shares in the company, valued at approximately $44,590,697.16. This trade represents a 1.13% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Todd Hannigan purchased 300,000 shares of IperionX stock in a transaction that occurred on Monday, July 13th. The stock was purchased at an average price of $3.59 per share, with a total value of $1,077,000.00. Following the completion of the purchase, the chairman directly owned 26,633,334 shares in the company, valued at $95,613,669.06. This trade represents a 1.14% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought 663,720 shares of company stock worth $2,379,118 in the last ninety days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC lifted its holdings in shares of IperionX by 70.4% during the first quarter. Jane Street Group LLC now owns 31,967 shares of the company’s stock worth $575,000 after buying an additional 13,207 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in shares of IperionX in the second quarter valued at about $66,000. Bank of America Corp DE grew its stake in shares of IperionX by 69.0% in the second quarter. Bank of America Corp DE now owns 35,441 shares of the company’s stock valued at $1,116,000 after acquiring an additional 14,467 shares in the last quarter. Private Advisor Group LLC bought a new position in IperionX during the third quarter worth about $405,000. Finally, Citadel Advisors LLC bought a new position in IperionX during the third quarter worth about $622,000. 2.76% of the stock is owned by institutional investors and hedge funds.

About IperionX

IperionX (NASDAQ: IPX) is a mineral technology company focused on the production and commercialization of high?purity titanium and zirconium products. The company’s core activities include the development of advanced mineral sands projects and the deployment of proprietary processing technologies aimed at supplying feedstocks to aerospace, defense, additive manufacturing and battery markets.

At the heart of IperionX’s operations is the Stony Creek Project in Virginia, where the company holds significant mineral sands rights.