IperionX (NASDAQ:IPX) Trading 5.1% Higher – Here’s Why

IperionX Limited Sponsored ADR (NASDAQ:IPX)’s share price shot up 5.1% during mid-day trading on Friday . The company traded as high as $23.39 and last traded at $23.09. 62,426 shares were traded during mid-day trading, a decline of 73% from the average session volume of 231,885 shares. The stock had previously closed at $21.98.

Wall Street Analyst Weigh In

IPX has been the subject of a number of analyst reports. William Blair started coverage on shares of IperionX in a research report on Tuesday, January 13th. They set an “outperform” rating for the company. B. Riley Financial reduced their price target on IperionX from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Roth Mkm reissued a “buy” rating and issued a $74.00 price objective on shares of IperionX in a research report on Tuesday, January 20th. Weiss Ratings restated a “sell (e+)” rating on shares of IperionX in a research note on Thursday, January 22nd. Finally, BTIG Research assumed coverage on IperionX in a research note on Friday. They issued a “buy” rating and a $40.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.33.

IperionX Stock Up 8.1%

The company has a debt-to-equity ratio of 0.03, a current ratio of 4.03 and a quick ratio of 4.00. The business’s 50 day moving average is $43.19 and its 200 day moving average is $42.36.

IperionX (NASDAQ:IPX) last issued its quarterly earnings results on Saturday, January 31st. The company reported ($0.50) earnings per share (EPS) for the quarter. As a group, equities research analysts forecast that IperionX Limited Sponsored ADR will post -0.08 EPS for the current fiscal year.

Hedge Funds Weigh In On IperionX

Several hedge funds have recently made changes to their positions in the company. State of Tennessee Department of Treasury purchased a new position in IperionX in the 4th quarter worth $119,000. XTX Topco Ltd purchased a new stake in IperionX during the 4th quarter valued at about $302,000. Quadrature Capital Ltd increased its holdings in shares of IperionX by 42.8% in the fourth quarter. Quadrature Capital Ltd now owns 14,918 shares of the company’s stock valued at $540,000 after purchasing an additional 4,471 shares during the period. Millennium Management LLC acquired a new position in shares of IperionX in the fourth quarter valued at about $4,249,000. Finally, Man Group plc purchased a new position in shares of IperionX in the fourth quarter worth about $257,000. 2.76% of the stock is owned by institutional investors and hedge funds.

About IperionX

IperionX (NASDAQ: IPX) is a mineral technology company focused on the production and commercialization of high?purity titanium and zirconium products. The company’s core activities include the development of advanced mineral sands projects and the deployment of proprietary processing technologies aimed at supplying feedstocks to aerospace, defense, additive manufacturing and battery markets.

At the heart of IperionX’s operations is the Stony Creek Project in Virginia, where the company holds significant mineral sands rights.