Short Interest in Intrepid Potash, Inc (NYSE:IPI) Increases By 36.1%

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 large increase in short interest in 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. Approximately 3.5% of the shares of the stock are sold short. Based on an average daily volume of 160,200 shares, the days-to-cover ratio is presently 2.3 days. Based on an average daily volume of 160,200 shares, the days-to-cover ratio is presently 2.3 days. Approximately 3.5% of the shares of the stock are sold short.

Intrepid Potash Price Performance

Shares of NYSE:IPI traded down $0.36 during trading on Friday, reaching $28.29. 214,576 shares of the company were exchanged, compared to its average volume of 165,629. The firm has a market capitalization of $376.76 million, a PE ratio of -1.82 and a beta of 1.83. The business's fifty day simple moving average is $30.88 and its 200-day simple moving average is $32.21. Intrepid Potash has a 12-month low of $20.86 and a 12-month high of $39.01.

Intrepid Potash (NYSE:IPI - Get Free Report) last issued its earnings results on Wednesday, August 6th. The basic materials company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.28. Intrepid Potash had a negative net margin of 71.13% and a positive return on equity of 1.48%. The business had revenue of $71.47 million for the quarter, compared to analyst estimates of $56.14 million. On average, sell-side analysts anticipate that Intrepid Potash will post -0.17 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Zacks Research raised Intrepid Potash from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 22nd. UBS Group dropped their price objective on Intrepid Potash from $24.00 to $23.00 and set a "sell" rating on the stock in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Intrepid Potash from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Intrepid Potash has a consensus rating of "Moderate Buy" and a consensus price target of $23.00.

Insider Buying and Selling at Intrepid Potash

In related news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $34.30, for a total transaction of $1,819,100.50. Following the sale, 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 legal filing with the SEC, which is available through this hyperlink. 2.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Intrepid Potash

Several institutional investors and hedge funds have recently made changes to their positions in IPI. Invenomic Capital Management LP acquired a new stake in shares of Intrepid Potash during the first quarter worth $10,210,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of Intrepid Potash during the second quarter worth $3,441,000. Royce & Associates LP purchased a new position in shares of Intrepid Potash during the first quarter worth $2,204,000. PDT Partners LLC raised its holdings in shares of Intrepid Potash by 716.1% during the second quarter. PDT Partners LLC now owns 61,949 shares of the basic materials company's stock worth $2,213,000 after purchasing an additional 54,358 shares during the last quarter. Finally, Brandywine Global Investment Management LLC purchased a new position in shares of Intrepid Potash during the first quarter worth $1,415,000. 56.13% of the stock is currently owned by institutional investors and hedge funds.

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.