Ivanhoe Mines (TSE:IVN) Shares Down 17.1% - Here's Why

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report)'s share price traded down 17.1% during mid-day trading on Monday . The company traded as low as C$10.49 and last traded at C$10.65. 7,052,541 shares were traded during mid-day trading, an increase of 163% from the average session volume of 2,682,183 shares. The stock had previously closed at C$12.85.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IVN. TD Securities decreased their price target on Ivanhoe Mines from C$22.00 to C$17.00 in a research note on Tuesday, April 15th. Jefferies Financial Group increased their target price on Ivanhoe Mines from C$23.00 to C$24.00 in a report on Friday, April 4th. UBS Group lowered their price target on Ivanhoe Mines from C$19.00 to C$17.00 in a report on Wednesday, April 23rd. Finally, Citigroup dropped their price target on Ivanhoe Mines from C$24.00 to C$20.00 and set a "buy" rating on the stock in a research report on Tuesday, February 25th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of C$21.38.

Ivanhoe Mines Price Performance

The firm has a market capitalization of C$10.62 billion, a price-to-earnings ratio of 67.71 and a beta of 1.94. The company has a current ratio of 1.36, a quick ratio of 20.86 and a debt-to-equity ratio of 2.48. The business has a 50-day moving average price of C$12.73 and a two-hundred day moving average price of C$15.34.

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.