Scotiabank Has Lowered Expectations for Ivanhoe Mines (TSE:IVN) Stock Price

Ivanhoe Mines (TSE:IVN) had its price target cut by analysts at Scotiabank from C$21.00 to C$20.00 in a report issued on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 15.81% from the company’s previous close. Scotiabank also issued estimates for Ivanhoe Mines’ FY2024 earnings at $0.34 EPS, FY2025 earnings at $0.63 EPS and FY2026 earnings at $0.77 EPS.

Other equities analysts have also recently issued reports about the stock. TD Securities lowered their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a research report on Thursday. 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. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Ivanhoe Mines presently has an average rating of “Buy” and an average target price of C$24.00.

Ivanhoe Mines Price Performance

IVN stock opened at C$17.27 on Thursday. The firm has a 50-day moving average of C$18.21 and a two-hundred day moving average of C$18.18. The firm has a market capitalization of C$23.31 billion, a PE ratio of 107.94 and a beta of 1.94. The company has a current ratio of 1.17, a quick ratio of 20.86 and a debt-to-equity ratio of 4.24. Ivanhoe Mines has a one year low of C$12.94 and a one year high of C$21.32.

Insider Buying and Selling

In other news, Director Jinghe Chen sold 60,288 shares of the company’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of C$19.00, for a total transaction of C$1,145,472.00. Also, Senior Officer Chao (Peter) Zhou sold 4,800 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of C$19.00, for a total value of C$91,200.00. Over the last quarter, insiders have sold 68,088 shares of company stock worth $1,292,379. Insiders own 44.96% of the company’s stock.

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.