IperionX (NASDAQ:IPX) Shares Up 0.5% - Should You Buy?

Key Points

• The share price of IperionX (NASDAQ:IPX) increased by 0.5%, closing at $40.59 after reaching a high of $40.95 during trading.
• Institutional investors have made significant moves in IperionX, with Thomist Capital Management LP investing $32.3 million and GAMMA Investing LLC increasing its holdings by 479.2%.
• Research firm B. Riley has downgraded IperionX's price target from $30.00 to $28.00 while maintaining a "buy" rating, indicating mixed sentiments among analysts.

Shares of IperionX Limited Sponsored ADR (NASDAQ:IPX - Get Free Report) shot up 0.5% on Tuesday . The stock traded as high as $40.95 and last traded at $40.59. 43,417 shares traded hands during trading, a decline of 36% from the average session volume of 67,979 shares. The stock had previously closed at $40.39.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IPX. B. Riley reduced their target price on IperionX from $30.00 to $28.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Wall Street Zen raised IperionX from a "sell" rating to a "hold" rating in a research note on Friday, June 6th.

IperionX Stock Down 3.1%

The company has a 50 day moving average of $30.41 and a 200 day moving average of $24.87.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in IPX. Marshall Wace LLP acquired a new position in IperionX in the 4th quarter valued at $465,000. Stifel Financial Corp grew its holdings in IperionX by 27.9% in the 4th quarter. Stifel Financial Corp now owns 900,237 shares of the company's stock valued at $30,968,000 after buying an additional 196,558 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in IperionX in the 4th quarter valued at $602,000. Bank of America Corp DE grew its holdings in 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 in the last quarter. Finally, Citadel Advisors LLC purchased a new stake in IperionX in the 4th quarter valued at $283,000. 2.76% of the stock is owned by institutional investors and hedge funds.

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.