Ivanhoe Mines (OTCMKTS:IVPAF) Trading 5.2% Higher - Here's What Happened

Key Points

• Ivanhoe Mines Ltd. shares increased by 5.2%, reaching $9.79, marking a notable rise after previously closing at $9.31, despite an 88% drop in trading volume.
• Analysts have given the stock a consensus rating of "Strong Buy", with multiple upgrades from firms including Stifel Canada and Citigroup.
• The company reported earnings of $0.03 per share for the last quarter, missing the consensus estimate of $0.04, alongside a revenue of $96.76 million compared to expectations of $101.84 million.

Shares of Ivanhoe Mines Ltd. (OTCMKTS:IVPAF - Get Free Report) traded up 5.2% during trading on Tuesday . The stock traded as high as $9.79 and last traded at $9.79. 37,624 shares changed hands during mid-day trading, a decline of 88% from the average session volume of 317,220 shares. The stock had previously closed at $9.31.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Stifel Canada upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Tuesday, July 8th. Raymond James Financial upgraded shares of Ivanhoe Mines to a "moderate buy" rating in a research report on Monday, June 30th. Citigroup upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Monday, June 16th. TD Securities upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Canaccord Genuity Group upgraded shares of Ivanhoe Mines to a "strong-buy" rating in a research report on Friday, June 13th. Five investment analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Ivanhoe Mines currently has a consensus rating of "Strong Buy".

Ivanhoe Mines Stock Up 3.4%

The company has a market cap of $13.04 billion and a PE ratio of 19.47. The stock's 50 day simple moving average is $8.37 and its two-hundred day simple moving average is $8.68.

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 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.

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.

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