Intrepid Potash (NYSE:IPI) Sees Strong Trading Volume - Should You Buy?

Key Points

• Shares of Intrepid Potash experienced an unusually large volume spike to 421,737 shares (a 91% increase from the prior session) and traded around $43.53, roughly 2% higher on the session.
• Analysts maintain a consensus "Sell" rating with an average price target of $25 (including UBS and Weiss Ratings), well below the current market price.
• The company posted an earnings beat — EPS $0.49 vs. $0.26 expected and revenue $75.9M vs. $65.3M — but sell-side forecasts project a –$0.17 EPS for the fiscal year and the shares trade at a high ~51x PE.

Shares of Intrepid Potash, Inc (NYSE:IPI - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 421,737 shares traded hands during trading, an increase of 91% from the previous session's volume of 220,552 shares.The stock last traded at $43.53 and had previously closed at $42.53.

Analyst Upgrades and Downgrades

IPI has been the topic of a number of recent analyst reports. Weiss Ratings reissued a "sell (d-)" rating on shares of Intrepid Potash in a research report on Thursday, January 22nd. UBS Group upped their target price on Intrepid Potash from $24.00 to $25.00 and gave the company a "sell" rating in a research note on Thursday. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Sell" and an average price target of $25.00.

Intrepid Potash Stock Up 2.0%

The stock has a market capitalization of $582.73 million, a PE ratio of 51.06 and a beta of 1.53. The stock's 50 day moving average price is $32.96 and its 200-day moving average price is $29.53.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its quarterly earnings results on Wednesday, March 4th. The basic materials company reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.23. Intrepid Potash had a net margin of 3.75% and a return on equity of 3.93%. The firm had revenue of $75.88 million for the quarter, compared to analysts' expectations of $65.25 million. As a group, sell-side analysts predict that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Intrepid Potash

A number of institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Intrepid Potash by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company's stock valued at $193,000 after purchasing an additional 312 shares during the period. Empowered Funds LLC increased its holdings in Intrepid Potash by 7.3% during the 1st quarter. Empowered Funds LLC now owns 60,623 shares of the basic materials company's stock worth $1,782,000 after purchasing an additional 4,137 shares during the period. Los Angeles Capital Management LLC bought a new stake in Intrepid Potash during the 2nd quarter valued at $541,000. Campbell & CO Investment Adviser LLC raised its position in Intrepid Potash by 37.1% during the 2nd quarter. Campbell & CO Investment Adviser LLC now owns 18,068 shares of the basic materials company's stock valued at $646,000 after purchasing an additional 4,893 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Intrepid Potash by 0.6% in the 2nd quarter. Geode Capital Management LLC now owns 241,039 shares of the basic materials company's stock worth $8,614,000 after buying an additional 1,520 shares during the period. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Company Profile

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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