Ivanhoe Mines (OTCMKTS:IVPAF) Stock Price Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• Ivanhoe Mines Ltd. shares have recently crossed above their fifty-day moving average, currently trading at $10.31, significantly above the average of $8.62.
• Multiple analysts have upgraded Ivanhoe Mines' stock ratings, with Citigroup and UBS both giving it a "strong-buy" rating, contributing to an overall average rating of "Strong Buy."
• The company reported a loss of $0.01 per share compared to analysts' estimates, with revenues of $96.76 million falling short of the expected $101.84 million for the last quarter.

Ivanhoe Mines Ltd. (OTCMKTS:IVPAF - Get Free Report) shares crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $8.62 and traded as high as $10.59. Ivanhoe Mines shares last traded at $10.31, with a volume of 381,933 shares.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citigroup upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Monday, June 16th. 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. Royal Bank Of Canada upgraded shares of Ivanhoe Mines to a "moderate buy" rating in a research report on Tuesday, June 17th. Finally, UBS Group upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Thursday, June 12th. Five research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Strong Buy".

Ivanhoe Mines Stock Up 9.0%

The company has a market capitalization of $13.96 billion and a PE ratio of 20.84. The stock's fifty day simple moving average is $8.62 and its 200-day simple moving average is $8.70.

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.