Ivanhoe Mines (OTCMKTS:IVPAF) Shares Gap Up - Still a Buy?

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) 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 trading hands.

Analyst Ratings Changes

IVPAF has been the topic of a number of recent research reports. UBS Group upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Thursday, June 12th. Raymond James Financial upgraded shares of Ivanhoe Mines to a "moderate buy" rating in a research report on Monday, June 30th. Stifel Canada upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Tuesday, July 8th. Canaccord Genuity Group upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Friday, June 13th. Finally, Royal Bank Of Canada upgraded shares of Ivanhoe Mines to a "moderate buy" rating in a report on Tuesday, June 17th. One analyst has rated the stock with a hold rating and five have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Strong Buy".

Ivanhoe Mines Stock Down 1.0%

The stock has a market cap of $10.47 billion and a P/E ratio of 15.63. The firm's fifty day moving average price is $7.94 and its 200-day moving average price is $9.29.

Ivanhoe Mines (OTCMKTS:IVPAF - Get Free Report) last released 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 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.