Short Interest in IGO Limited (OTCMKTS:IPGDF) Grows By 70.5%

IGO Limited (OTCMKTS:IPGDF) was the target of a significant increase in short interest in the month of August. As of August 31st, there was short interest totaling 83,593 shares, an increase of 70.5% from the August 15th total of 49,020 shares. Based on an average trading volume of 255 shares, the days-to-cover ratio is currently 327.8 days.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upgraded IGO from a “neutral” rating to a “buy” rating and set a $9.50 target price for the company in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $9.50.

IGO Stock Performance

OTCMKTS IPGDF remained flat at $5.60 during trading on Friday. IGO has a 12 month low of $3.15 and a 12 month high of $7.12. The firm’s fifty day moving average price is $5.50 and its 200-day moving average price is $5.81.

About IGO

IGO Limited, trading as IPGDF on the OTC Markets, is an Australian-based diversified mining and metals company with a strategic focus on battery-cycle commodities and precious metals. Originally founded as Independence Group NL in 1997, the company rebranded to IGO Limited in 2018 to reflect its evolving portfolio. IGO’s operations span the extraction, processing and marketing of key industrial minerals and metals that underpin the global energy transition.

The company’s core asset portfolio includes the Nova nickel–copper–cobalt operation in Western Australia, which produces mixed sulphide concentrate; a 50% interest in the Tropicana gold joint venture; and the Kwinana Nickel Refinery, which refines concentrate into battery-grade nickel products.