Intrepid Potash (NYSE:IPI) Sees Strong Trading Volume – Here’s Why

Shares of Intrepid Potash, Inc (NYSE:IPI) saw an uptick in trading volume on Monday . 421,737 shares changed hands during trading, an increase of 91% from the previous session’s volume of 220,552 shares.The stock last traded at $43.53 and had previously closed at $42.53.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IPI. UBS Group upped their price objective on shares of Intrepid Potash from $24.00 to $25.00 and gave the stock a “sell” rating in a research note on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Intrepid Potash in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Intrepid Potash has an average rating of “Sell” and an average price target of $25.00.

Intrepid Potash Price Performance

The company has a market cap of $582.73 million, a PE ratio of 51.06 and a beta of 1.53. The business has a fifty day simple moving average of $32.96 and a two-hundred day simple moving average of $29.53.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.23. The business had revenue of $75.88 million for the quarter, compared to the consensus estimate of $65.25 million. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%. On average, equities research analysts predict that Intrepid Potash, Inc will post -0.17 EPS for the current year.

Institutional Trading of Intrepid Potash

Several hedge funds have recently modified their holdings of the company. GSA Capital Partners LLP raised its stake in shares of Intrepid Potash by 350.2% during the 3rd quarter. GSA Capital Partners LLP now owns 86,945 shares of the basic materials company’s stock worth $2,659,000 after acquiring an additional 67,631 shares in the last quarter. American Century Companies Inc. grew its holdings in Intrepid Potash by 24.7% in the second quarter. American Century Companies Inc. now owns 230,113 shares of the basic materials company’s stock worth $8,222,000 after purchasing an additional 45,577 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of Intrepid Potash by 266.3% during the second quarter. Squarepoint Ops LLC now owns 56,389 shares of the basic materials company’s stock worth $2,015,000 after purchasing an additional 40,994 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Intrepid Potash during the second quarter worth $541,000. Finally, Azarias Capital Management L.P. lifted its holdings in shares of Intrepid Potash by 64.9% during the 3rd quarter. Azarias Capital Management L.P. now owns 259,788 shares of the basic materials company’s stock valued at $7,944,000 after purchasing an additional 102,266 shares during the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

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.