Ivanhoe Mines (OTCMKTS:IVPAF) Shares Up 9.6% – Here’s Why

Ivanhoe Mines Ltd. (OTCMKTS:IVPAF) shares shot up 9.6% during mid-day trading on Tuesday . The stock traded as high as $9.35 and last traded at $9.35. Approximately 59,258 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 462,818 shares. The stock had previously closed at $8.53.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IVPAF. Morgan Stanley upgraded shares of Ivanhoe Mines from a “negative” rating to an “overweight” rating in a research note on Wednesday, July 8th. Scotiabank reiterated a “sector perform” rating on shares of Ivanhoe Mines in a research note on Wednesday. Jefferies Financial Group reiterated a “hold” rating on shares of Ivanhoe Mines in a research note on Monday, July 6th. Finally, Canaccord Genuity Group raised Ivanhoe Mines from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.20.

Ivanhoe Mines Stock Performance

The stock has a market cap of $13.91 billion, a P/E ratio of 108.33 and a beta of 1.03. The company has a fifty day moving average of $8.03 and a 200 day moving average of $8.48. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.16 and a quick ratio of 1.89.

Ivanhoe Mines (OTCMKTS:IVPAF) last announced its earnings results on Wednesday, July 29th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.03). Ivanhoe Mines had a return on equity of 5.07% and a net margin of 23.47%.The company had revenue of $152.61 million for the quarter, compared to analyst estimates of $202.11 million. On average, equities analysts predict that Ivanhoe Mines Ltd. will post 0.3 earnings per share for the current fiscal year.

About Ivanhoe Mines

Ivanhoe Mines is a Canada-based mineral exploration and development company focused on unlocking high-value deposits of copper, nickel, zinc, and platinum-group metals. The company pursues a two-pronged strategy of advancing large-scale mining projects through feasibility and development stages while also expanding its exploration footprint. Ivanhoe’s technical expertise spans geology, engineering, environmental management, and community relations, enabling it to secure the necessary permits and infrastructure for major mine developments.

The company’s flagship asset is the Kamoa-Kakula copper complex in the Democratic Republic of Congo (DRC), a joint venture with the government of the DRC and Zijin Mining.