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

Key Points

• Short interest fell 16.6% in April to 309,968 shares (about 2.4% of shares outstanding) with a short‑interest ratio of 0.9 days.
• Intrepid topped expectations for the March quarter, reporting EPS of $0.49 versus $0.26 estimated and revenue of $75.9 million versus $65.3 million expected.
• Despite recent strength, Wall Street remains negative with a MarketBeat consensus Sell rating and an average price target of $25, well below the recent share price near $39.75.

Intrepid Potash, Inc (NYSE:IPI - Get Free Report) was the target of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 309,968 shares, a decrease of 16.6% from the March 31st total of 371,457 shares. Based on an average daily trading volume, of 338,331 shares, the short-interest ratio is presently 0.9 days. Approximately 2.4% of the shares of the company are sold short.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in IPI. Signaturefd LLC raised its position in Intrepid Potash by 668.1% in the fourth quarter. Signaturefd LLC now owns 914 shares of the basic materials company's stock worth $25,000 after acquiring an additional 795 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Intrepid Potash by 197.8% in the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company's stock worth $29,000 after acquiring an additional 544 shares in the last quarter. Federated Hermes Inc. raised its position in Intrepid Potash by 354.7% in the third quarter. Federated Hermes Inc. now owns 1,355 shares of the basic materials company's stock worth $41,000 after acquiring an additional 1,057 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Intrepid Potash in the fourth quarter worth $44,000. Finally, Tower Research Capital LLC TRC raised its position in Intrepid Potash by 80.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company's stock worth $49,000 after acquiring an additional 607 shares in the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Stock Up 3.2%

NYSE IPI opened at $39.75 on Friday. The stock has a market capitalization of $533.83 million, a P/E ratio of 46.76 and a beta of 1.39. Intrepid Potash has a 52-week low of $22.55 and a 52-week high of $50.34. The firm has a 50-day moving average price of $39.48 and a 200 day moving average price of $32.51.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.23. The firm had revenue of $75.88 million during the quarter, compared to analysts' expectations of $65.25 million. Intrepid Potash had a net margin of 3.75% and a return on equity of 3.93%. On average, equities research analysts expect that Intrepid Potash will post 1.14 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Intrepid Potash in a report on Thursday, January 22nd. UBS Group upped their price target on Intrepid Potash from $24.00 to $25.00 and gave the stock a "sell" rating in a research note on Thursday, March 5th. One research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Sell" and an average price target of $25.00.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company's primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.

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