IperionX (NASDAQ:IPX) Coverage Initiated at BTIG Research

Key Points

• BTIG Research initiated coverage on IperionX (NASDAQ:IPX) with a Buy rating and a $40 price target, implying roughly an 82% upside from the prior close.
• Analyst sentiment is mixed but skewed positive—four Buy ratings and one Sell produce a MarketBeat consensus of Moderate Buy with an average price target of $55.33 (individual targets range as high as $74).
• Shares plunged 11% to $21.98 and trade well below their 50- and 200-day averages (~$43); the company reported a $0.50 loss per share last quarter and has attracted large institutional stakes from firms such as Thomist Capital and VanEck.

BTIG Research assumed coverage on shares of IperionX (NASDAQ:IPX - Get Free Report) in a report released on Friday,Benzinga reports. The brokerage set a "buy" rating and a $40.00 price target on the stock. BTIG Research's price objective would indicate a potential upside of 81.98% from the stock's previous close.

IPX has been the topic of a number of other reports. William Blair initiated coverage on shares of IperionX in a research note on Tuesday, January 13th. They issued an "outperform" rating on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of IperionX in a report on Thursday, January 22nd. Roth Mkm reiterated a "buy" rating and issued a $74.00 price target on shares of IperionX in a research report on Tuesday, January 20th. Finally, B. Riley Financial dropped their price objective on shares of IperionX from $58.00 to $52.00 and set a "buy" rating for the company in a research note on Friday, March 13th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $55.33.

IperionX Stock Down 11.0%

Shares of IPX stock opened at $21.98 on Friday. The stock has a fifty day moving average price of $43.19 and a 200 day moving average price of $42.36. The company has a quick ratio of 4.00, a current ratio of 4.03 and a debt-to-equity ratio of 0.03. IperionX has a 1 year low of $12.27 and a 1 year high of $61.45.

IperionX (NASDAQ:IPX - Get Free Report) last announced its quarterly earnings results on Friday, January 30th. The company reported ($0.50) earnings per share for the quarter. On average, equities research analysts forecast that IperionX will post -0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Thomist Capital Management LP acquired a new stake in shares of IperionX during the 2nd quarter worth about $59,384,000. Van ECK Associates Corp acquired a new position in shares of IperionX in the third quarter valued at approximately $40,997,000. Millennium Management LLC purchased a new position in shares of IperionX during the fourth quarter valued at approximately $4,249,000. Jane Street Group LLC boosted its position in IperionX by 62.5% during the fourth quarter. Jane Street Group LLC now owns 129,020 shares of the company's stock worth $4,669,000 after acquiring an additional 49,645 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in IperionX by 69.0% during the second quarter. Bank of America Corp DE now owns 35,441 shares of the company's stock worth $1,116,000 after acquiring an additional 14,467 shares during the last quarter. 2.76% of the stock is currently owned by hedge funds and other institutional investors.

IperionX Company Profile

IperionX NASDAQ: IPX is a mineral technology company focused on the production and commercialization of high‐purity titanium and zirconium products. The company’s core activities include the development of advanced mineral sands projects and the deployment of proprietary processing technologies aimed at supplying feedstocks to aerospace, defense, additive manufacturing and battery markets.

At the heart of IperionX’s operations is the Stony Creek Project in Virginia, where the company holds significant mineral sands rights.

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