Ivanhoe Mines (TSE:IVN) Trading 8.6% Higher – Here’s Why

Ivanhoe Mines Ltd. (TSE:IVN) shares were up 8.6% on Tuesday . 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 2,400,169 shares. The stock had previously closed at C$10.27.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. UBS Group decreased their price objective on Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Jefferies Financial Group lifted their target price on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a report on Friday, April 4th. Scotiabank lowered their price objective on 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 decreased their target price on 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 decreased 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 analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of C$23.20.

Ivanhoe Mines Trading Down 10.1 %

The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The stock’s 50 day moving average price is C$14.29 and its 200-day moving average price is C$16.92. The stock has a market capitalization of C$10.35 billion, a PE ratio of 66.02 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.