IperionX (NASDAQ:IPX) Shares Gap Up - What's Next?

Key Points

• IperionX (NASDAQ:IPX) shares gapped up, opening at $46.05 after a previous close of $44.32, reflecting a market interest in the stock.
• Analysts maintain a generally positive outlook with an average rating of "Buy" and a consensus target price of $46.00.
• Significant institutional investments were made, including a 69% increase in holdings by Bank of America during the second quarter.

IperionX Limited Sponsored ADR (NASDAQ:IPX - Get Free Report)'s share price gapped up prior to trading on Tuesday . The stock had previously closed at $44.32, but opened at $46.05. IperionX shares last traded at $45.85, with a volume of 19,307 shares changing hands.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on IPX shares. Wall Street Zen upgraded shares of IperionX from a "sell" rating to a "hold" rating in a research note on Friday, June 6th. Roth Capital initiated coverage on shares of IperionX in a research note on Wednesday, August 20th. They issued a "buy" rating and a $64.00 price objective for the company. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $46.00.

IperionX Stock Up 3.3%

The company's 50 day simple moving average is $38.11 and its 200-day simple moving average is $27.62.

Hedge Funds Weigh In On IperionX

Hedge funds and other institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC grew its stake in IperionX by 684.4% in the 2nd quarter. GAMMA Investing LLC now owns 957 shares of the company's stock worth $30,000 after buying an additional 835 shares in the last quarter. Cape Investment Advisory Inc. purchased a new position in shares of IperionX during the second quarter worth approximately $34,000. JPMorgan Chase & Co. purchased a new position in shares of IperionX during the second quarter worth approximately $66,000. Atlantic Union Bankshares Corp purchased a new position in shares of IperionX during the second quarter worth approximately $220,000. Finally, Citadel Advisors LLC purchased a new position in shares of IperionX during the fourth quarter worth approximately $283,000. Hedge funds and other institutional investors own 2.76% of the company's stock.

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.