IGO Limited (OTCMKTS:IPGDF) Sees Significant Drop in Short Interest

IGO Limited (OTCMKTS:IPGDF) was the target of a significant decline in short interest during the month of December. As of December 15th, there was short interest totaling 814,761 shares, a decline of 31.9% from the November 30th total of 1,195,728 shares. Based on an average daily trading volume, of 2,802 shares, the short-interest ratio is presently 290.8 days. Based on an average daily trading volume, of 2,802 shares, the short-interest ratio is presently 290.8 days.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada downgraded shares of IGO to a “sector perform” rating in a research report on Wednesday, December 10th. Three analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce”.

IGO Stock Up 1.1%

Shares of IPGDF traded up $0.06 during mid-day trading on Wednesday, hitting $5.46. 700 shares of the company traded hands, compared to its average volume of 1,767. The stock has a 50-day moving average price of $4.35 and a two-hundred day moving average price of $3.61. IGO has a 1 year low of $2.12 and a 1 year high of $5.46.

IGO Company Profile

IGO Limited, trading as IPGDF on the OTC Markets, is an Australian-based diversified mining and metals company with a strategic focus on battery-cycle commodities and precious metals. Originally founded as Independence Group NL in 1997, the company rebranded to IGO Limited in 2018 to reflect its evolving portfolio. IGO’s operations span the extraction, processing and marketing of key industrial minerals and metals that underpin the global energy transition.

The company’s core asset portfolio includes the Nova nickel–copper–cobalt operation in Western Australia, which produces mixed sulphide concentrate; a 50% interest in the Tropicana gold joint venture; and the Kwinana Nickel Refinery, which refines concentrate into battery-grade nickel products.