Ivanhoe Mines (OTCMKTS:IVPAF) Shares Gap Up - What's Next?

Key Points

• Ivanhoe Mines Ltd. experienced a significant gap up in its stock price, opening at $8.67 after a previous close of $8.21, although it last traded at $8.13.
• Recent analyses have led to multiple upgrades: Canaccord Genuity and TD Securities both rated Ivanhoe Mines as a "strong buy," while the overall consensus rating remains at "Strong Buy."
• The company's latest quarterly earnings exceeded expectations, reporting $0.10 earnings per share against a consensus estimate of $0.07, despite revenue falling short of estimates at $77.02 million.

Ivanhoe Mines Ltd. (OTCMKTS:IVPAF - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $8.21, but opened at $8.67. Ivanhoe Mines shares last traded at $8.13, with a volume of 1,697 shares traded.

Wall Street Analysts Forecast Growth

IVPAF has been the topic of several research reports. Scotiabank lowered shares of Ivanhoe Mines from a "strong-buy" rating to a "hold" rating in a research note 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. Raymond James Financial upgraded shares of Ivanhoe Mines to a "moderate buy" rating in a research note on Monday, June 30th. Stifel Canada upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research note on Tuesday, July 8th. Finally, Citigroup upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research note on Monday, June 16th. One research analyst has rated the stock with a hold rating and five have given a strong buy rating to the stock. Based on data from MarketBeat, Ivanhoe Mines has an average rating of "Strong Buy".

Ivanhoe Mines Price Performance

The firm's fifty day moving average price is $7.94 and its 200-day moving average price is $9.29. The firm has a market capitalization of $10.45 billion and a P/E ratio of 15.61.

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