Ivanhoe Mines (TSE:IVN) Stock Price Up 8.6% After Analyst Upgrade

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report)'s stock price was up 8.6% 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. Approximately 5,567,825 shares changed hands during mid-day trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Several other equities research analysts also recently issued reports on IVN. Raymond James reduced their price objective on Ivanhoe Mines from C$25.00 to C$24.00 and set an "outperform" rating for the company in a research note on Thursday, January 9th. Citigroup reduced their price target on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a "buy" rating for the company in a research report on Tuesday, February 25th. Scotiabank dropped their price objective 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 decreased their target price on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a "buy" rating for the company in a research note on Thursday, January 9th. Finally, UBS Group dropped their price target on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of C$23.20.

Ivanhoe Mines Price Performance

The company's 50-day simple moving average is C$14.12 and its 200 day simple moving average is C$16.82. 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 has a market capitalization of C$11.17 billion, a price-to-earnings ratio of 71.22 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.