Intrepid Potash (NYSE:IPI) Shares Cross Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Intrepid Potash shares recently crossed above the 200-day moving average, with a current trading price of $30.87, up from its average of $31.55.
• Analysts have upgraded Intrepid Potash from a "sell" to a "hold" rating, with UBS raising the target price from $21.00 to $24.00.
• Insider trading activity has shown major shareholder Robert P. Jornayvaz III sold 53,035 shares, indicating a significant decrease in his ownership of the company.

Intrepid Potash, Inc (NYSE:IPI - Get Free Report)'s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $31.55 and traded as high as $33.33. Intrepid Potash shares last traded at $30.87, with a volume of 179,385 shares changing hands.

Wall Street Analyst Weigh In

IPI has been the topic of several recent research reports. UBS Group decreased their price target on Intrepid Potash from $24.00 to $23.00 and set a "sell" rating on the stock in a report on Thursday. Wall Street Zen upgraded Intrepid Potash from a "sell" rating to a "hold" rating in a research note on Tuesday, May 6th.

Intrepid Potash Stock Up 0.3%

The business has a 50 day simple moving average of $35.30 and a two-hundred day simple moving average of $31.64. The firm has a market cap of $382.48 million, a PE ratio of -1.84 and a beta of 1.78.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.17 by $0.28. The firm had revenue of $71.47 million for the quarter, compared to analyst estimates of $56.14 million. Intrepid Potash had a positive return on equity of 1.48% and a negative net margin of 71.13%. Equities analysts forecast that Intrepid Potash, Inc will post -0.17 earnings per share for the current year.

Insider Activity at Intrepid Potash

In other news, major shareholder Robert P. Jornayvaz III sold 53,035 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $34.30, for a total transaction of $1,819,100.50. Following the transaction, the insider owned 3,950 shares in the company, valued at approximately $135,485. This trade represents a 93.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold a total of 76,105 shares of company stock worth $2,674,074 in the last 90 days. Company insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Intrepid Potash

Several institutional investors have recently made changes to their positions in the company. New York State Teachers Retirement System bought a new stake in Intrepid Potash during the first quarter valued at about $29,000. State of Wyoming bought a new stake in Intrepid Potash during the fourth quarter valued at about $46,000. FNY Investment Advisers LLC bought a new stake in Intrepid Potash during the first quarter valued at about $102,000. BNP Paribas Financial Markets bought a new stake in Intrepid Potash during the fourth quarter valued at about $87,000. Finally, Aquatic Capital Management LLC boosted its position in Intrepid Potash by 274.3% during the fourth quarter. Aquatic Capital Management LLC now owns 5,614 shares of the basic materials company's stock valued at $123,000 after purchasing an additional 4,114 shares in the last quarter. Hedge funds and other institutional investors own 56.13% of the company's stock.

Intrepid Potash Company Profile

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.