Ivanhoe Mines (TSE:IVN) Stock Price Passes Above 50 Day Moving Average – Here’s Why

Shares of Ivanhoe Mines Ltd. (TSE:IVN) crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$17.68 and traded as high as C$20.39. Ivanhoe Mines shares last traded at C$19.93, with a volume of 2,971,232 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Royal Bank of Canada dropped their price target on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 10th. Citigroup upped their price target on shares of Ivanhoe Mines from C$15.00 to C$24.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Jefferies Financial Group raised their price target on shares of Ivanhoe Mines from C$25.00 to C$26.00 in a research note on Friday, July 12th. Canaccord Genuity Group boosted their price objective on Ivanhoe Mines from C$24.00 to C$25.00 in a research note on Monday, July 22nd. Finally, Scotiabank reduced their target price on Ivanhoe Mines from C$23.00 to C$21.00 in a report on Monday, August 19th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ivanhoe Mines presently has a consensus rating of “Buy” and a consensus target price of C$24.20.

Ivanhoe Mines Stock Performance

The company has a current ratio of 1.17, a quick ratio of 20.86 and a debt-to-equity ratio of 4.24. The stock’s fifty day simple moving average is C$17.68 and its 200 day simple moving average is C$18.19. The company has a market cap of C$26.91 billion, a price-to-earnings ratio of 124.56 and a beta of 1.93.

Ivanhoe Mines (TSE:IVN) last posted its quarterly earnings results on Wednesday, July 31st. The company reported C$0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$0.07 by C$0.01. As a group, analysts anticipate that Ivanhoe Mines Ltd. will post 1.0362903 earnings per share for the current year.

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.