Ivanhoe Mines (TSE:IVN) Trading Up 8.6% Following Analyst Upgrade

Shares of Ivanhoe Mines Ltd. (TSE:IVN) were up 8.6% on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The company traded as high as C$11.39 and last traded at C$11.15. Approximately 5,567,825 shares changed hands 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.

IVN has been the topic of several other reports. Citigroup reduced their price objective on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. UBS Group reduced their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Scotiabank decreased their price objective on Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating for the company in a research note on Thursday, January 9th. TD Securities decreased their price target on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating for the company in a research note on Thursday, January 9th. Finally, Raymond James dropped their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$23.00.

Ivanhoe Mines Stock Down 5.0 %

The firm has a fifty day simple moving average of C$14.44 and a 200 day simple moving average of C$16.99. The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36. The company has a market cap of C$10.04 billion, a PE ratio of 64.03 and a beta of 1.94.

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.