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

Ivanhoe Mines Ltd. (TSE:IVN)’s share price rose 8.6% during mid-day trading 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$11.39 and last traded at C$11.15. Approximately 5,567,825 shares traded hands during trading, an increase of 132% from the average daily volume of 2,400,170 shares. The stock had previously closed at C$10.27.

IVN has been the subject of several other reports. Scotiabank lowered 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 report on Thursday, January 9th. UBS Group dropped their price target on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Citigroup reduced their price objective on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. TD Securities dropped their target price on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a research report on Thursday, January 9th. Finally, Raymond James reduced their price target on shares of 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. Eight equities research 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 company has a market capitalization of C$10.04 billion, a price-to-earnings ratio of 64.03 and a beta of 1.94. 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 business has a 50-day simple moving average of C$14.44 and a two-hundred day simple moving average of C$16.99.

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.