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

IperionX Limited (NASDAQ:IPX - Get Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $20.58, but opened at $21.89. IperionX shares last traded at $21.87, with a volume of 2,389 shares traded.

Analysts Set New Price Targets

Separately, B. Riley cut their price objective on shares of IperionX from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd.

IperionX Stock Up 4.1 %

The stock's fifty day simple moving average is $19.30 and its 200 day simple moving average is $24.48. The company has a quick ratio of 13.61, a current ratio of 13.62 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On IperionX

Several hedge funds and other institutional investors have recently bought and sold shares of IPX. GAMMA Investing LLC raised its position in IperionX by 479.2% during the first quarter. GAMMA Investing LLC now owns 2,195 shares of the company's stock valued at $39,000 after acquiring an additional 1,816 shares in the last quarter. Thomist Capital Management LP acquired a new stake in IperionX during the fourth quarter valued at $32,305,000. Corigliano Investment Advisers LLC acquired a new position in shares of IperionX in the fourth quarter worth about $344,000. Citadel Advisors LLC purchased a new stake in shares of IperionX during the fourth quarter worth approximately $283,000. Finally, Bank of America Corp DE raised its position in shares of IperionX by 15.8% in the fourth 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 last quarter. Institutional investors and hedge funds 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.