IperionX (NASDAQ:IPX) Trading 6% Higher – Time to Buy?

IperionX Limited Sponsored ADR (NASDAQ:IPX) shares shot up 6% on Wednesday . The stock traded as high as $19.45 and last traded at $19.2460. 152,248 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 264,250 shares. The stock had previously closed at $18.16.

Analyst Ratings Changes

Several brokerages have recently commented on IPX. Roth Capital set a $53.00 price target on shares of IperionX in a research report on Wednesday, August 5th. Jefferies Financial Group started coverage on IperionX in a research report on Wednesday, September 2nd. They issued a “buy” rating and a $26.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of IperionX in a research report on Friday, July 17th. Finally, BTIG Research raised their price objective on IperionX from $40.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $46.50.

IperionX Stock Performance

The firm has a 50 day simple moving average of $22.47 and a two-hundred day simple moving average of $30.06. The company has a debt-to-equity ratio of 0.03, a quick ratio of 4.00 and a current ratio of 4.03.

Insider Buying and Selling

In other news, CEO Anastasios Arima purchased 138,720 shares of the stock in a transaction dated Friday, July 10th. The shares were bought at an average cost of $3.58 per share, for a total transaction of $496,617.60. Following the transaction, the chief executive officer owned 12,455,502 shares in the company, valued at $44,590,697.16. This trade represents a 1.13% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Chairman Todd Hannigan acquired 300,000 shares of the company’s stock in a transaction dated Monday, July 13th. The stock was purchased at an average cost of $3.59 per share, for a total transaction of $1,077,000.00. Following the purchase, the chairman directly owned 26,633,334 shares in the company, valued at approximately $95,613,669.06. This represents a 1.14% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders bought 663,720 shares of company stock valued at $2,379,118.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IPX. GAMMA Investing LLC lifted its position in shares of IperionX by 40.3% during the 2nd quarter. GAMMA Investing LLC now owns 1,681 shares of the company’s stock valued at $50,000 after acquiring an additional 483 shares during the last quarter. Connective Capital Management LLC acquired a new stake in IperionX during the 2nd quarter worth about $160,000. XY Capital Ltd purchased a new position in IperionX during the fourth quarter valued at approximately $290,000. DLD Asset Management LP purchased a new position in shares of IperionX during the 1st quarter valued at $260,000. Finally, Corigliano Investment Advisers LLC acquired a new position in shares of IperionX in the fourth quarter worth $362,000. 2.76% of the stock is owned by institutional investors and hedge funds.

IperionX Company Profile

IperionX Limited (NASDAQ: IPX) is a materials technology company focused on developing a low-carbon, fully integrated titanium supply chain in the United States. The company is working to produce titanium metal and titanium products from locally sourced mineral resources, with applications across the aerospace, defense, automotive, medical and consumer industries.

IperionX’s flagship asset is the Titan Project in Tennessee, which contains titanium, rare earth and zircon-rich mineral sands.