Intrepid Potash, Inc (NYSE:IPI) Short Interest Update

Key Points

• Short interest in Intrepid Potash increased significantly in August, rising by 36.1% to 369,400 shares, with 3.5% of the company's shares currently short sold.
• Analyst ratings for Intrepid Potash are mixed, with a consensus rating of "Moderate Buy" and price target set at $23.00, with some analysts issuing upgrades while others have assigned a "sell" rating.
• Intrepid Potash reported better-than-expected earnings of $0.45 per share for the last quarter, exceeding analysts' estimates, with revenues also surpassing expectations at $71.47 million.

Intrepid Potash, Inc (NYSE:IPI - Get Free Report) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totaling 369,400 shares, an increase of 36.1% from the August 15th total of 271,400 shares. Currently, 3.5% of the company's shares are short sold. Based on an average daily volume of 160,200 shares, the short-interest ratio is currently 2.3 days. Based on an average daily volume of 160,200 shares, the short-interest ratio is currently 2.3 days. Currently, 3.5% of the company's shares are short sold.

Analyst Upgrades and Downgrades

IPI has been the subject of several recent research reports. Zacks Research upgraded Intrepid Potash from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. UBS Group reduced their price target on shares of Intrepid Potash from $24.00 to $23.00 and set a "sell" rating for the company in a report on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Intrepid Potash from a "hold" rating to a "buy" rating in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Intrepid Potash Stock Down 2.1%

Shares of Intrepid Potash stock traded down $0.62 during trading on Tuesday, reaching $28.69. The company's stock had a trading volume of 123,731 shares, compared to its average volume of 161,975. Intrepid Potash has a 1-year low of $20.86 and a 1-year high of $39.01. The company has a 50-day simple moving average of $31.31 and a two-hundred day simple moving average of $32.18. The company has a market cap of $382.15 million, a price-to-earnings ratio of -1.84 and a beta of 1.83.

Intrepid Potash (NYSE:IPI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.28. The company had revenue of $71.47 million during the quarter, compared to analysts' expectations of $56.14 million. Intrepid Potash had a positive return on equity of 1.48% and a negative net margin of 71.13%. As a group, analysts anticipate that Intrepid Potash will post -0.17 earnings per share for the current year.

Insider Activity at Intrepid Potash

In related news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $34.30, for a total value of $1,819,100.50. Following the transaction, the insider owned 3,950 shares of the company's stock, valued at $135,485. This trade represents a 93.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.40% of the company's stock.

Institutional Trading of Intrepid Potash

Large investors have recently added to or reduced their stakes in the company. Northern Trust Corp boosted its holdings in shares of Intrepid Potash by 3.0% in the 4th quarter. Northern Trust Corp now owns 89,566 shares of the basic materials company's stock valued at $1,963,000 after acquiring an additional 2,621 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Intrepid Potash in the fourth quarter valued at $87,000. Bank of America Corp DE grew its position in Intrepid Potash by 26.2% during the 4th quarter. Bank of America Corp DE now owns 19,978 shares of the basic materials company's stock worth $438,000 after purchasing an additional 4,146 shares during the period. D. E. Shaw & Co. Inc. raised its stake in shares of Intrepid Potash by 25.4% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 79,162 shares of the basic materials company's stock valued at $1,735,000 after buying an additional 16,018 shares during the last quarter. Finally, Deutsche Bank AG lifted its holdings in shares of Intrepid Potash by 25.5% in the 4th quarter. Deutsche Bank AG now owns 24,964 shares of the basic materials company's stock valued at $547,000 after buying an additional 5,077 shares during the period. Hedge funds and other institutional investors own 56.13% of the company's stock.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.

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