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

Ivanhoe Mines Ltd. (TSE:IVN)’s share price shot up 8.6% during trading 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. 5,567,825 shares traded hands during trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Other research analysts have also issued reports about the company. Citigroup decreased their target price on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating for the company in a report on Tuesday, February 25th. UBS Group lowered their price objective on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. 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 research note on Thursday, January 9th. TD Securities lowered 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 report on Thursday, January 9th. Finally, Raymond James reduced 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 report on Thursday, January 9th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of C$23.00.

Ivanhoe Mines Trading Up 8.6 %

The business’s 50-day moving average price is C$14.74 and its 200-day moving average price is C$17.13. The firm has a market capitalization of C$10.57 billion, a PE ratio of 67.41 and a beta of 1.94. The company has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86.

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.