Ivanhoe Mines (OTCMKTS:IVPAF) Share Price Crosses Below Two Hundred Day Moving Average - Here's Why

Key Points

• Ivanhoe Mines Ltd. shares have fallen below their 200-day moving average, last trading at $8.46 compared to a 200-day average of $8.95.
• Despite the recent drop, several analysts have issued upgrades, with Citigroup, UBS, and Canaccord Genuity all rating the stock as a "strong buy."
• The company reported earnings per share of $0.03 for the last quarter, missing estimates, with revenue of $96.76 million compared to the expected $101.84 million.

Shares of Ivanhoe Mines Ltd. (OTCMKTS:IVPAF - Get Free Report) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $8.95 and traded as low as $7.93. Ivanhoe Mines shares last traded at $8.46, with a volume of 306,501 shares traded.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on IVPAF shares. TD Securities raised Ivanhoe Mines to a "strong-buy" rating in a report on Tuesday, June 3rd. Citigroup raised Ivanhoe Mines to a "strong-buy" rating in a report on Monday, June 16th. Raymond James Financial raised Ivanhoe Mines to a "moderate buy" rating in a report on Monday, June 30th. Stifel Canada raised Ivanhoe Mines to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, Royal Bank Of Canada raised Ivanhoe Mines to a "moderate buy" rating in a report on Tuesday, June 17th. Five investment analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Strong Buy".

Ivanhoe Mines Price Performance

The business has a 50-day simple moving average of $7.98 and a 200-day simple moving average of $8.90. The firm has a market capitalization of $11.36 billion and a PE ratio of 16.96.

Ivanhoe Mines (OTCMKTS:IVPAF - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). The business had revenue of $96.76 million during the quarter, compared to analyst estimates of $101.84 million.

About Ivanhoe Mines

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.