Intrepid Potash (NYSE:IPI) Shares Up 7.1% - Time to Buy?

Key Points

• Intrepid Potash shares jumped 7.1% to about $43.74 on Wednesday, with roughly 208,497 shares traded—slightly below average volume.
• Analysts remain bearish with a consensus "Sell" rating and a price target of $25, based on two sell and one hold reports.
• The company beat quarterly expectations (EPS $0.49 vs. $0.26 est.; revenue $75.9M vs. $65.3M), yet analysts forecast a fiscal-year EPS of -0.17.

Intrepid Potash, Inc (NYSE:IPI - Get Free Report)'s stock price traded up 7.1% on Wednesday . The company traded as high as $43.93 and last traded at $43.7360. 208,497 shares traded hands during trading, a decline of 11% from the average session volume of 234,295 shares. The stock had previously closed at $40.85.

Analysts Set New Price Targets

Several research firms recently issued reports on IPI. Weiss Ratings reissued a "sell (d-)" rating on shares of Intrepid Potash in a research report on Thursday, January 22nd. UBS Group upped their price objective on shares of Intrepid Potash from $24.00 to $25.00 and gave the stock a "sell" rating in a report on Thursday, March 5th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Sell" and a consensus price target of $25.00.

Intrepid Potash Price Performance

The stock has a fifty day moving average price of $33.51 and a two-hundred day moving average price of $29.72. The company has a market cap of $583.67 million, a P/E ratio of 51.16 and a beta of 1.53.

Intrepid Potash (NYSE:IPI - Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share (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 the consensus estimate of $65.25 million. Equities analysts predict that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.

Institutional Trading of Intrepid Potash

A number of institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC boosted 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 purchasing an additional 795 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Intrepid Potash by 197.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 544 shares during the period. Federated Hermes Inc. lifted its holdings in Intrepid Potash by 354.7% during the third quarter. Federated Hermes Inc. now owns 1,355 shares of the basic materials company's stock valued at $41,000 after purchasing an additional 1,057 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new position in Intrepid Potash during the fourth quarter worth about $44,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of 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 purchasing an additional 607 shares in the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

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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