Ivanhoe Mines (OTCMKTS:IVPAF) Shares Gap Down - Here's Why

Ivanhoe Mines Ltd. (OTCMKTS:IVPAF - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $8.87, but opened at $8.60. Ivanhoe Mines shares last traded at $9.10, with a volume of 17,793 shares traded.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Scotiabank downgraded shares of Ivanhoe Mines from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 12th. Canaccord Genuity Group upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research note on Friday, June 13th. Citigroup upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research note on Monday, June 16th. Raymond James Financial upgraded shares of Ivanhoe Mines to a "moderate buy" rating in a research note on Monday, June 30th. Finally, TD Securities upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating and five have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Strong Buy".

Ivanhoe Mines Trading Down 1.9%

The company has a market cap of $11.24 billion and a PE ratio of 16.78. The business's 50 day moving average is $8.10 and its two-hundred day moving average is $9.42.

Ivanhoe Mines (OTCMKTS:IVPAF - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.07 by $0.03. The company had revenue of $77.02 million during the quarter, compared to the consensus estimate of $108.71 million.

Ivanhoe Mines Company Profile

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.