Idaho Strategic Resources (NYSEAMERICAN:IDR) Trading 13.4% Higher - Here's What Happened

Key Points

• Shares jumped 13.4% on Wednesday, last trading around $49.78 after a previous close of $43.91, though volume was light at ~116,121 shares (down about 68% from the average).
• Analyst sentiment has firmed: Zacks upgraded IDR to a "strong-buy", and MarketBeat shows one Strong Buy and one Buy for an average rating of "Strong Buy."
• The company has a market capitalization of about $769 million, a P/E of ~42.7, negligible debt (debt/equity ~0.01) and very high liquidity ratios, while institutional ownership remains modest at ~8.7% with recent buying by NewEdge, Goldman Sachs and Geode.

Idaho Strategic Resources, Inc. (NYSEAMERICAN:IDR - Get Free Report)'s stock price was up 13.4% during trading on Wednesday . The company traded as high as $49.40 and last traded at $49.7770. Approximately 116,121 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 366,185 shares. The stock had previously closed at $43.91.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Idaho Strategic Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, March 31st. One analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Strong Buy".

Idaho Strategic Resources Stock Up 10.8%

The company has a market capitalization of $769.31 million, a price-to-earnings ratio of 42.68 and a beta of 1.21. The stock's fifty day simple moving average is $37.21 and its two-hundred day simple moving average is $38.57. The company has a debt-to-equity ratio of 0.01, a current ratio of 13.96 and a quick ratio of 13.70.

Institutional Investors Weigh In On Idaho Strategic Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC lifted its holdings in Idaho Strategic Resources by 108.8% in the first quarter. NewEdge Advisors LLC now owns 30,551 shares of the company's stock worth $437,000 after acquiring an additional 15,917 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Idaho Strategic Resources by 21.7% during the first quarter. Goldman Sachs Group Inc. now owns 52,099 shares of the company's stock valued at $746,000 after purchasing an additional 9,298 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Idaho Strategic Resources by 127.1% during the 2nd quarter. Geode Capital Management LLC now owns 285,573 shares of the company's stock worth $3,736,000 after purchasing an additional 159,850 shares during the period. JPMorgan Chase & Co. acquired a new stake in shares of Idaho Strategic Resources during the 2nd quarter worth approximately $78,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Idaho Strategic Resources in the 2nd quarter worth approximately $98,000. Institutional investors and hedge funds own 8.70% of the company's stock.

Idaho Strategic Resources Company Profile

Idaho Strategic Resources, Inc, a resource-based company, engages in exploring for, developing, and extracting gold, silver, and base metal mineral resources in the Greater Coeur d'Alene Mining District of North Idaho. Its portfolio of mineral properties includes the Golden Chest Mine, a producing gold mine located in the Murray Gold Belt (MGB) of North Idaho; approximately 1,500 acres of patented mineral property and approximately 5,000 acres of nearby and adjacent un-patented mineral property located within the MGB; rare earth element projects located in the Idaho REE-Th Belt near Salmon, Idaho; and early-stage exploration properties in Central Idaho.

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