Intrepid Potash (NYSE:IPI) Trading Up 12.6% – Here’s What Happened

Intrepid Potash, Inc (NYSE:IPI)’s share price was up 12.6% on Monday . The stock traded as high as $42.28 and last traded at $42.5660. Approximately 190,243 shares were traded during mid-day trading, a decline of 37% from the average daily volume of 302,474 shares. The stock had previously closed at $37.81.

Analyst Ratings Changes

Several research firms have commented on IPI. UBS Group upped their price objective on Intrepid Potash from $24.00 to $25.00 and gave the company a “sell” rating in a research note on Thursday, March 5th. Weiss Ratings raised Intrepid Potash from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday. Two research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Intrepid Potash has an average rating of “Reduce” and a consensus target price of $25.00.

Intrepid Potash Trading Up 15.2%

The company has a 50 day simple moving average of $39.81 and a 200 day simple moving average of $32.80. The stock has a market capitalization of $585.35 million, a PE ratio of 41.11 and a beta of 1.25.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. The firm had revenue of $98.69 million during the quarter, compared to the consensus estimate of $88.30 million. Intrepid Potash had a return on equity of 4.53% and a net margin of 4.68%. On average, equities research analysts predict that Intrepid Potash, Inc will post 1.14 EPS for the current year.

Hedge Funds Weigh In On Intrepid Potash

Several institutional investors and hedge funds have recently added to or reduced their stakes in IPI. Signaturefd LLC boosted its stake in shares of Intrepid Potash by 668.1% in the fourth quarter. Signaturefd LLC now owns 914 shares of the basic materials company’s stock valued at $25,000 after buying an additional 795 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Intrepid Potash by 197.8% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $29,000 after buying an additional 544 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Intrepid Potash in the first quarter valued at approximately $37,000. Federated Hermes Inc. boosted its stake in shares of Intrepid Potash by 354.7% in the third quarter. Federated Hermes Inc. now owns 1,355 shares of the basic materials company’s stock valued at $41,000 after buying an additional 1,057 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Intrepid Potash in the fourth quarter valued at approximately $44,000. Institutional investors and hedge funds own 56.13% of the company’s stock.

Intrepid Potash Company Profile

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.