IperionX (NASDAQ:IPX) Shares Gap Down - Here's Why

Key Points

• IperionX shares dropped significantly, opening at $56.17 down from a prior close of $58.73, and last traded at $55.07.
• Analysts are divided on IperionX, with a "buy" rating and a target price increase from Roth Capital, while Weiss Ratings has issued a "sell" rating.
• Institutional interest in IperionX is growing, with GAMMA Investing LLC significantly increasing its stake by over 684% during the last quarter.

IperionX Limited Sponsored ADR (NASDAQ:IPX - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $58.73, but opened at $56.17. IperionX shares last traded at $55.07, with a volume of 59,698 shares.

Wall Street Analysts Forecast Growth

IPX has been the subject of a number of analyst reports. Roth Capital reissued a "buy" rating and set a $74.00 target price (up previously from $64.00) on shares of IperionX in a research note on Wednesday, October 1st. Weiss Ratings reissued a "sell (e+)" rating on shares of IperionX in a research note on Wednesday, October 8th. Finally, Wall Street Zen downgraded shares of IperionX from a "hold" rating to a "sell" rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $51.00.

IperionX Stock Down 7.7%

The firm's 50 day simple moving average is $46.67 and its two-hundred day simple moving average is $33.00.

Institutional Investors Weigh In On IperionX

Several hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC increased its position in shares of IperionX by 684.4% during the second 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. bought a new stake in shares of IperionX during the second quarter worth about $34,000. JPMorgan Chase & Co. bought a new stake in shares of IperionX during the second quarter worth about $66,000. Osaic Holdings Inc. increased its position in shares of IperionX by 7.7% during the second quarter. Osaic Holdings Inc. now owns 70,325 shares of the company's stock worth $2,215,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new position in IperionX during the second quarter worth about $220,000. 2.76% of the stock is owned by institutional investors.

IperionX Company Profile

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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