Impala Platinum (OTCMKTS:IMPUY) Shares Gap Up - Here's What Happened

Key Points

• Shares gapped up premarket, opening at $16.14 vs. the prior close of $14.17 and were last at $15.93, trading up about 11.9% on a volume of 110,689 shares.
• Brokerages have upgraded the stock recently — Zacks to "strong-buy" and Morgan Stanley to "overweight" — and HSBC set a $23 price target, leaving a consensus rating of Buy with a $23 consensus target.
• IMPUY is the U.S. ADR for Impala Platinum Holdings, a South African miner of platinum group metals with principal operations on the Bushveld Complex and in Zimbabwe.

Shares of Impala Platinum Holdings Ltd. (OTCMKTS:IMPUY - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $14.17, but opened at $16.14. Impala Platinum shares last traded at $15.93, with a volume of 110,689 shares changing hands.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IMPUY. Zacks Research raised shares of Impala Platinum from a "hold" rating to a "strong-buy" rating in a report on Friday, December 19th. Morgan Stanley upgraded shares of Impala Platinum to an "overweight" rating in a research note on Friday, January 23rd. Finally, HSBC set a $23.00 price target on shares of Impala Platinum and gave the company a "buy" rating in a research note on Friday, January 23rd. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $23.00.

Impala Platinum Trading Up 11.9%

The stock's 50-day simple moving average is $16.86 and its 200-day simple moving average is $14.88.

Impala Platinum Company Profile

Impala Platinum OTCMKTS: IMPUY is the U.S. American Depositary Receipt program for Impala Platinum Holdings Limited, a South African mining group specializing in the extraction, processing and marketing of platinum group metals (PGMs). Headquartered in Johannesburg, the company’s core products include platinum, palladium, rhodium, ruthenium and iridium, with byproducts such as nickel and gold. Impala Platinum’s integrated operations span the full value chain from underground and surface mining to smelting and refining.

The company’s principal mining assets are located on the Bushveld Complex in South Africa and at the Zimplats operations in Zimbabwe.

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