IperionX (NASDAQ:IPX) Shares Gap Down – Time to Sell?

IperionX Limited Sponsored ADR (NASDAQ:IPX) shares gapped down before the market opened on Wednesday . The stock had previously closed at $25.85, but opened at $24.20. IperionX shares last traded at $24.6610, with a volume of 110,119 shares trading hands.

Wall Street Analyst Weigh In

IPX has been the subject of a number of recent analyst reports. Alliance Global Partners restated a “buy” rating on shares of IperionX in a report on Tuesday, April 28th. BTIG Research boosted their target price on shares of IperionX from $40.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, June 5th. Roth Capital reaffirmed a “buy” rating on shares of IperionX in a research note on Monday, June 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of IperionX in a report on Tuesday, April 21st. Finally, B. Riley Financial dropped their target price on shares of IperionX from $58.00 to $52.00 and set a “buy” rating on the stock in a research note on Friday, March 13th. Five analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.33.

IperionX Stock Performance

The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.00 and a current ratio of 4.03. The firm has a 50 day moving average price of $34.67 and a 200 day moving average price of $37.69.

Insider Activity

In other IperionX news, Chairman Todd Hannigan purchased 260,000 shares of the stock in a transaction dated Wednesday, April 29th. The stock was purchased at an average price of $4.20 per share, with a total value of $1,092,000.00. Following the transaction, the chairman owned 26,108,334 shares of the company’s stock, valued at approximately $109,655,002.80. This trade represents a 1.01% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Anastasios Arima acquired 110,000 shares of IperionX stock in a transaction that occurred on Tuesday, April 28th. The stock was acquired at an average cost of $4.49 per share, with a total value of $493,900.00. Following the purchase, the chief executive officer directly owned 12,316,782 shares of the company’s stock, valued at $55,302,351.18. This represents a 0.90% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 590,000 shares of company stock valued at $2,571,500.

Hedge Funds Weigh In On IperionX

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in shares of IperionX by 40.3% during the second quarter. GAMMA Investing LLC now owns 1,681 shares of the company’s stock valued at $50,000 after buying an additional 483 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in IperionX during the second quarter valued at approximately $66,000. State of Tennessee Department of Treasury acquired a new stake in IperionX in the fourth quarter valued at approximately $119,000. DV Equities LLC purchased a new position in IperionX in the fourth quarter worth $178,000. Finally, Man Group plc acquired a new position in shares of IperionX during the fourth quarter worth $257,000. Hedge funds and other institutional investors own 2.76% of the company’s stock.

About IperionX

IperionX (NASDAQ: IPX) is a mineral technology company focused on the production and commercialization of high‐purity titanium and zirconium products. The company’s core activities include the development of advanced mineral sands projects and the deployment of proprietary processing technologies aimed at supplying feedstocks to aerospace, defense, additive manufacturing and battery markets.

At the heart of IperionX’s operations is the Stony Creek Project in Virginia, where the company holds significant mineral sands rights.