Ivanhoe Mines (TSE:IVN) Trading Up 8.6% - Here's Why

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) shares shot up 8.6% during mid-day trading on Tuesday . The company traded as high as C$11.39 and last traded at C$11.15. 5,567,825 shares were traded during trading, an increase of 132% from the average session volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Wall Street Analyst Weigh In

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

Ivanhoe Mines Stock Up 7.9 %

The business's fifty day moving average price is C$14.12 and its two-hundred day moving average price is C$16.82. The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36. The firm has a market capitalization of C$11.17 billion, a P/E ratio of 71.22 and a beta of 1.94.

Ivanhoe Mines Company Profile

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.