Ivanhoe Mines (TSE:IVN) Stock Passes Below 50 Day Moving Average - Here's Why

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report)'s stock price passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of C$11.65 and traded as low as C$10.71. Ivanhoe Mines shares last traded at C$10.98, with a volume of 5,411,998 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Jefferies Financial Group dropped their target price on Ivanhoe Mines from C$19.00 to C$17.00 in a report on Thursday, June 12th. Scotiabank increased their price target on Ivanhoe Mines from C$12.00 to C$12.50 and gave the company a "sector perform" rating in a research report on Wednesday, July 9th. Royal Bank Of Canada decreased their price target on Ivanhoe Mines from C$24.00 to C$15.00 and set an "outperform" rating for the company in a research report on Tuesday, June 17th. BMO Capital Markets decreased their price target on Ivanhoe Mines from C$24.00 to C$21.00 in a research report on Friday, June 13th. Finally, Raymond James Financial raised Ivanhoe Mines to a "moderate buy" rating in a research report on Monday, June 30th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Ivanhoe Mines has an average rating of "Buy" and an average target price of C$16.85.

Ivanhoe Mines Stock Performance

The company has a market capitalization of C$10.02 billion, a PE ratio of 63.90 and a beta of 1.94. The company has a 50-day moving average price of C$11.53 and a two-hundred day moving average price of C$13.57. The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48.

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.