IperionX (NASDAQ:IPX) Shares Down 6% - Here's What Happened

IperionX Limited (NASDAQ:IPX - Get Free Report) was down 6% during mid-day trading on Friday . The stock traded as low as $33.27 and last traded at $33.27. Approximately 35,515 shares traded hands during trading, a decline of 39% from the average daily volume of 58,430 shares. The stock had previously closed at $35.40.

Wall Street Analysts Forecast Growth

Separately, B. Riley initiated coverage on IperionX in a research report on Thursday, October 10th. They issued a "buy" rating and a $30.00 target price on the stock.

IperionX Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 13.62 and a quick ratio of 13.61. The stock's 50-day moving average is $27.75 and its 200-day moving average is $21.05.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IPX. Symmetry Peak Management LLC acquired a new stake in IperionX in the third quarter worth approximately $228,000. Tidal Investments LLC acquired a new stake in shares of IperionX in the third quarter valued at $368,000. Ballentine Partners LLC bought a new position in IperionX during the third quarter valued at about $529,000. Jane Street Group LLC grew its holdings in IperionX by 134.2% during the third quarter. Jane Street Group LLC now owns 26,528 shares of the company's stock worth $591,000 after acquiring an additional 15,202 shares during the period. Finally, Stifel Financial Corp raised its position in IperionX by 34.3% in the third quarter. Stifel Financial Corp now owns 703,679 shares of the company's stock worth $15,671,000 after acquiring an additional 179,650 shares in the last quarter. 2.76% of the stock is currently owned by institutional investors.

About IperionX

IperionX's mission is to be the leading developer of low carbon, sustainable, critical material supply chains focused on advanced industries including space, aerospace, electric vehicles and 3D printing. IperionX's breakthrough titanium technologies have demonstrated the potential to produce titanium products that are sustainable, 100% recyclable, have low carbon intensity and to do so at product qualities that meet or exceed current industry standards.