Intrepid Potash (NYSE:IPI) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Intrepid Potash, Inc. (NYSE:IPI - Get Free Report) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $27.44 and traded as high as $36.09. Intrepid Potash shares last traded at $35.97, with a volume of 174,187 shares changing hands.

Analysts Set New Price Targets

Several research firms have issued reports on IPI. UBS Group cut their target price on Intrepid Potash from $20.00 to $19.00 and set a "sell" rating for the company in a research note on Wednesday, April 16th. Wall Street Zen raised Intrepid Potash from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th.

Intrepid Potash Trading Up 1.1%

The company has a market capitalization of $487.89 million, a price-to-earnings ratio of -10.94 and a beta of 1.80. The stock's fifty day simple moving average is $31.59 and its 200-day simple moving average is $27.70.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The basic materials company reported $0.39 earnings per share for the quarter, topping analysts' consensus estimates of ($0.12) by $0.51. The business had revenue of $97.76 million for the quarter, compared to analyst estimates of $72.34 million. Intrepid Potash had a negative return on equity of 1.32% and a negative net margin of 16.86%. On average, analysts anticipate that Intrepid Potash, Inc. will post -0.17 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Robert P. Jornayvaz III sold 47,429 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $26.54, for a total value of $1,258,765.66. Following the sale, the insider now owns 1,164,794 shares of the company's stock, valued at $30,913,632.76. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 195,425 shares of company stock worth $6,234,057 in the last quarter. 2.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Intrepid Potash

A number of large investors have recently modified their holdings of IPI. Invenomic Capital Management LP purchased a new stake in shares of Intrepid Potash during the 1st quarter worth $10,210,000. JPMorgan Chase & Co. lifted its holdings in Intrepid Potash by 577.1% during the 4th quarter. JPMorgan Chase & Co. now owns 152,199 shares of the basic materials company's stock worth $3,336,000 after buying an additional 129,722 shares during the last quarter. Royce & Associates LP purchased a new position in shares of Intrepid Potash in the 1st quarter valued at about $2,204,000. Renaissance Technologies LLC boosted its holdings in Intrepid Potash by 110.1% in the fourth quarter. Renaissance Technologies LLC now owns 111,871 shares of the basic materials company's stock valued at $2,452,000 after purchasing an additional 58,630 shares in the last quarter. Finally, Peapod Lane Capital LLC purchased a new stake in shares of Intrepid Potash during the 4th quarter worth approximately $1,269,000. 56.13% of the stock is owned by hedge funds and other institutional investors.

About Intrepid Potash

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.