Intrepid Potash (NYSE:IPI) Shares Up 7.8% - Should You Buy?

Key Points

• Shares of Intrepid Potash (IPI) jumped about 7.8% intraday to $41.69 (intraday high $41.92) from a prior close of $38.67, despite trading volume being roughly 34% below the average session.
• Analysts' consensus remains a Sell with an average price target of $25, as recent coverage is predominantly sell or hold.
• IPI beat quarterly expectations with $0.49 EPS vs. $0.26 expected and $75.88M revenue vs. $65.25M expected, but analysts still forecast -$0.17 EPS for the year; the stock has a market cap of $555.6M and a P/E of 48.88.

Shares of Intrepid Potash, Inc (NYSE:IPI - Get Free Report) shot up 7.8% during mid-day trading on Tuesday . The company traded as high as $41.92 and last traded at $41.69. 192,885 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 291,314 shares. The stock had previously closed at $38.67.

Analysts Set New Price Targets

A number of equities analysts recently commented on IPI shares. Weiss Ratings reiterated 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 report on Thursday, March 5th. One analyst has rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Sell" and an average price target of $25.00.

Intrepid Potash Trading Up 7.2%

The firm has a market cap of $555.64 million, a price-to-earnings ratio of 48.88 and a beta of 1.53. The stock's fifty day moving average price is $35.89 and its 200-day moving average price is $30.47.

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

Hedge Funds Weigh In On Intrepid Potash

A number of hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Intrepid Potash by 5.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company's stock valued at $193,000 after buying an additional 312 shares during the period. Peapod Lane Capital LLC boosted its stake in Intrepid Potash by 0.7% during the fourth quarter. Peapod Lane Capital LLC now owns 46,086 shares of the basic materials company's stock worth $1,278,000 after buying an additional 339 shares during the period. Glenorchy Capital Ltd increased its position in shares of Intrepid Potash by 0.6% during the fourth quarter. Glenorchy Capital Ltd now owns 59,032 shares of the basic materials company's stock valued at $1,637,000 after acquiring an additional 355 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Intrepid Potash by 197.8% during the second 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 last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Intrepid Potash by 80.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company's stock valued at $49,000 after acquiring an additional 607 shares during the period. 56.13% of the stock is currently 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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