IperionX (NASDAQ:IPX) Hits New 52-Week High - Should You Buy?

Key Points

• IperionX Limited's stock reached a new 52-week high at $51.60 during trading, closing at $50.81.
• Analysts currently rate IperionX as a "Buy" with an average price target of $46.00, with one firm setting a target as high as $64.00.
• Institutional investors have increased their stakes in IperionX, notably with Bank of America increasing its holdings by 15.8% last quarter.

IperionX Limited Sponsored ADR (NASDAQ:IPX - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $51.60 and last traded at $50.81, with a volume of 26756 shares. The stock had previously closed at $48.17.

Analysts Set New Price Targets

Several research analysts have issued reports on IPX shares. Wall Street Zen upgraded IperionX from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Roth Capital started coverage on shares of IperionX in a report on Wednesday, August 20th. They issued a "buy" rating and a $64.00 price target for the company. Two investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $46.00.

IperionX Stock Performance

The stock's 50 day moving average price is $42.11 and its two-hundred day moving average price is $29.65.

Hedge Funds Weigh In On IperionX

Several hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in shares of IperionX by 15.8% during the fourth quarter. Bank of America Corp DE now owns 24,193 shares of the company's stock worth $832,000 after buying an additional 3,293 shares in the last quarter. Citadel Advisors LLC purchased a new stake in IperionX in the 4th quarter worth approximately $283,000. GAMMA Investing LLC grew its stake in IperionX by 479.2% in the 1st quarter. GAMMA Investing LLC now owns 2,195 shares of the company's stock worth $39,000 after acquiring an additional 1,816 shares during the period. OLD Mission Capital LLC purchased a new stake in IperionX in the 1st quarter worth approximately $477,000. Finally, Jane Street Group LLC grew its position in shares of IperionX by 70.4% in the first quarter. Jane Street Group LLC now owns 31,967 shares of the company's stock valued at $575,000 after purchasing an additional 13,207 shares during the period. Hedge funds and other institutional investors own 2.76% of the company's stock.

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.

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