Ivanhoe Mines (TSE:IVN) Stock Price Passes Above 50-Day Moving Average - Here's What Happened

Key Points

• Ivanhoe Mines Ltd. shares crossed above their fifty-day moving average, indicating a potential upward trend with shares trading at C$12.56 after reaching a high of C$12.62.
• Multiple equity analysts have adjusted their price targets for Ivanhoe Mines, with the average price target currently at C$15.50 and a consensus rating of "Buy".
• The company's market capitalization stands at C$17.01 billion, and it has a relatively high price-to-earnings ratio of 43.31.

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report)'s share price crossed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of C$11.25 and traded as high as C$12.62. Ivanhoe Mines shares last traded at C$12.56, with a volume of 2,058,864 shares traded.

Analyst Ratings Changes

IVN has been the topic of a number of recent analyst reports. Canaccord Genuity Group cut their target price on Ivanhoe Mines from C$24.00 to C$12.00 in a research report on Friday, June 13th. Raymond James Financial cut their target price on Ivanhoe Mines from C$21.00 to C$20.00 in a research report on Thursday, August 21st. TD Securities cut their target price on Ivanhoe Mines from C$16.00 to C$13.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. UBS Group cut their target price on Ivanhoe Mines from C$17.00 to C$15.00 in a research report on Thursday, June 12th. Finally, Scotiabank boosted their target price on Ivanhoe Mines from C$12.00 to C$12.50 and gave the stock a "sector perform" rating in a research report on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of C$15.50.

Ivanhoe Mines Stock Down 0.3%

The stock has a market capitalization of C$17.17 billion, a price-to-earnings ratio of 43.72 and a beta of 1.79. The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The firm has a 50-day moving average of C$11.42 and a two-hundred day moving average of C$12.09.

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.