Ivanhoe Mines (TSE:IVN) Shares Up 6.1% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price was up 6.1% on Monday after Jefferies Financial Group raised their price target on the stock from C$23.00 to C$24.00. The stock traded as high as C$11.28 and last traded at C$10.90. Approximately 2,980,011 shares changed hands during trading, an increase of 26% from the average daily volume of 2,358,494 shares. The stock had previously closed at C$10.27.

Several other research firms also recently issued reports on IVN. UBS Group decreased their price objective on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Raymond James decreased 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 report on Thursday, January 9th. Citigroup cut their price target on 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. TD Securities reduced their price objective on 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, Scotiabank cut their target price on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a report on Thursday, January 9th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ivanhoe Mines has an average rating of “Buy” and a consensus price target of C$23.00.

Ivanhoe Mines Stock Down 5.0 %

The firm’s 50-day simple moving average is C$14.44 and its two-hundred day simple moving average is C$16.99. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. The company has a market capitalization of C$10.04 billion, a price-to-earnings ratio of 64.03 and a beta of 1.94.

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.