IperionX (NASDAQ:IPX) Reaches New 12-Month High - Here's Why

Key Points

• IperionX Limited (NASDAQ:IPX) reached a new 52-week high of $48.17, closing at $47.98 with a trading volume of 36,132 shares.
• Analysts have rated the stock with a consensus of "Buy," with Roth Capital setting a target price of $64.00.
• Institutional investors have increased their positions in IperionX, with Thomist Capital Management LP purchasing a new position valued at approximately $32.3 million.

IperionX Limited Sponsored ADR (NASDAQ:IPX - Get Free Report)'s share price reached a new 52-week high on Wednesday . The stock traded as high as $48.17 and last traded at $47.98, with a volume of 36132 shares trading hands. The stock had previously closed at $46.00.

Analyst Upgrades and Downgrades

IPX has been the subject of several research analyst reports. Roth Capital initiated coverage on shares of IperionX in a research note on Wednesday, August 20th. They set a "buy" rating and a $64.00 price target for the company. Wall Street Zen raised shares of IperionX from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $46.00.

IperionX Price Performance

The firm's fifty day simple moving average is $38.11 and its 200 day simple moving average is $27.61.

Institutional Investors Weigh In On IperionX

Hedge funds have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in shares of IperionX by 684.4% during the 2nd quarter. GAMMA Investing LLC now owns 957 shares of the company's stock worth $30,000 after acquiring an additional 835 shares in the last quarter. Cape Investment Advisory Inc. purchased a new stake in shares of IperionX during the 2nd quarter worth about $34,000. JPMorgan Chase & Co. purchased a new stake in shares of IperionX during the 2nd quarter worth about $66,000. Atlantic Union Bankshares Corp purchased a new stake in shares of IperionX during the 2nd quarter worth about $220,000. Finally, Citadel Advisors LLC purchased a new stake in shares of IperionX during the 4th quarter worth about $283,000. 2.76% of the stock is owned by hedge funds and other institutional investors.

About IperionX

IperionX's mission is to be the leading developer of low carbon, sustainable, critical material supply chains focused on advanced industries including space, aerospace, electric vehicles and 3D printing. IperionX's breakthrough titanium technologies have demonstrated the potential to produce titanium products that are sustainable, 100% recyclable, have low carbon intensity and to do so at product qualities that meet or exceed current industry standards.