Ivanhoe Mines (TSE:IVN) Trading 8.6% Higher - Here's Why

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) was up 8.6% during trading on Tuesday . The stock traded as high as C$11.39 and last traded at C$11.15. Approximately 5,567,825 shares traded hands during mid-day trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Analyst Upgrades and Downgrades

Several research firms have issued reports on IVN. Citigroup decreased their price objective on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a "buy" rating on the stock in a report on Tuesday, February 25th. Scotiabank lowered their price objective on Ivanhoe Mines from C$21.00 to C$20.00 and set an "outperform" rating on the stock in a report on Thursday, January 9th. Raymond James reduced their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set an "outperform" rating for the company in a report on Thursday, January 9th. UBS Group lowered their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a research note on Friday, February 21st. Finally, TD Securities reduced their price objective on Ivanhoe Mines from C$25.00 to C$24.00 and set a "buy" rating for the company in a research note on Thursday, January 9th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of C$23.20.

Ivanhoe Mines Stock Performance

The firm's 50-day moving average price is C$14.12 and its two-hundred day moving average price is C$16.82. The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36. The stock has a market cap of C$11.17 billion, a price-to-earnings ratio of 71.22 and a beta of 1.94.

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.