Scotiabank Cuts Ivanhoe Mines (TSE:IVN) Price Target to C$20.00

Ivanhoe Mines (TSE:IVN) had its price objective decreased by Scotiabank from C$21.00 to C$20.00 in a research note issued to investors on Thursday,BayStreet.CA reports. Scotiabank currently has an outperform rating on the stock. Scotiabank also issued estimates for Ivanhoe Mines’ FY2024 earnings at $0.34 EPS, FY2025 earnings at $0.63 EPS and FY2026 earnings at $0.77 EPS.

Several other brokerages also recently commented on IVN. TD Securities reduced their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a report on Thursday. Raymond James decreased their price target on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research note on Thursday. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of C$24.00.

Ivanhoe Mines Stock Performance

Ivanhoe Mines stock opened at C$17.27 on Thursday. Ivanhoe Mines has a 52-week low of C$12.94 and a 52-week high of C$21.32. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.17 and a quick ratio of 20.86. The stock has a fifty day moving average price of C$18.21 and a two-hundred day moving average price of C$18.18. The firm has a market capitalization of C$23.31 billion, a P/E ratio of 107.94 and a beta of 1.94.

Insider Activity

In related news, Director Jinghe Chen sold 60,288 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of C$19.00, for a total value of C$1,145,472.00. Also, Director Martie Cloete sold 2,800 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of C$18.56, for a total value of C$51,968.00. In the last ninety days, insiders have sold 68,088 shares of company stock valued at $1,292,379. 44.96% of the stock is owned by company insiders.

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.