IperionX (NASDAQ:IPX) Shares Gap Up - Here's What Happened

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) shares gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

IPX has been the subject of a number of recent analyst reports. Roth Capital initiated coverage on shares of IperionX in a report 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 report on Friday, June 6th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, IperionX currently has a consensus rating of "Buy" and a consensus target price of $46.00.

IperionX Trading Up 3.3%

The stock's 50 day simple moving average is $38.11 and its 200 day simple moving average is $27.63.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in shares of IperionX by 684.4% in the 2nd quarter. GAMMA Investing LLC now owns 957 shares of the company's stock valued at $30,000 after buying an additional 835 shares during the period. Cape Investment Advisory Inc. acquired a new position in shares of IperionX in the 2nd quarter valued at about $34,000. JPMorgan Chase & Co. acquired a new position in shares of IperionX in the 2nd quarter valued at about $66,000. Bank of America Corp DE boosted its holdings in shares of IperionX by 15.8% in the 4th quarter. Bank of America Corp DE now owns 24,193 shares of the company's stock valued at $832,000 after buying an additional 3,293 shares during the period. Finally, Osaic Holdings Inc. boosted its holdings in shares of IperionX by 7.7% in the 2nd quarter. Osaic Holdings Inc. now owns 70,325 shares of the company's stock valued at $2,215,000 after buying an additional 5,000 shares during the period. 2.76% of the stock is owned by institutional investors and hedge funds.

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.