Intrepid Potash (NYSE:IPI) Shares Pass Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Intrepid Potash shares rose above their 200-day moving average of $37.28, reaching $38.20 before last trading at $37.8850.
• Analyst sentiment remains mixed, with one Strong Buy, two Hold ratings and one Sell rating; the consensus rating is Hold with a $29.00 average price target.
• The company’s latest quarter showed $0.56 in EPS, below the $0.78 estimate, while revenue of $66.69 million exceeded expectations. Institutional investors own 56.13% of the stock.

Intrepid Potash, Inc (NYSE:IPI - Get Free Report)'s share price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $37.28 and traded as high as $38.20. Intrepid Potash shares last traded at $37.8850, with a volume of 161,077 shares changing hands.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Freedom Capital upgraded Intrepid Potash to a "strong-buy" rating in a research note on Friday, July 24th. Weiss Ratings reiterated a "hold (c)" rating on shares of Intrepid Potash in a research note on Wednesday, August 19th. Zacks Research upgraded Intrepid Potash from a "strong sell" rating to a "hold" rating in a research note on Monday, August 10th. Finally, UBS Group increased their price objective on Intrepid Potash from $26.00 to $29.00 and gave the company a "sell" rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Intrepid Potash presently has an average rating of "Hold" and an average price target of $29.00.

Intrepid Potash Price Performance

The business's 50 day simple moving average is $35.03 and its 200 day simple moving average is $37.28. The company has a market capitalization of $509.93 million, a price-to-earnings ratio of 19.13 and a beta of 1.24.

Intrepid Potash (NYSE:IPI - Get Free Report) last announced its earnings results on Tuesday, August 4th. The basic materials company reported $0.56 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.22). Intrepid Potash had a return on equity of 4.74% and a net margin of 8.94%.The business had revenue of $66.69 million for the quarter, compared to analyst estimates of $64.86 million. As a group, analysts expect that Intrepid Potash, Inc will post 1.86 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC acquired a new position in Intrepid Potash in the 1st quarter valued at $1,587,000. Janney Montgomery Scott LLC purchased a new position in Intrepid Potash during the 1st quarter worth $2,484,000. SG Americas Securities LLC lifted its stake in shares of Intrepid Potash by 1,773.2% in the 1st quarter. SG Americas Securities LLC now owns 98,754 shares of the basic materials company's stock worth $4,224,000 after acquiring an additional 93,482 shares during the period. Goehring & Rozencwajg Associates LLC lifted its stake in shares of Intrepid Potash by 21.8% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 267,097 shares of the basic materials company's stock worth $11,424,000 after acquiring an additional 47,781 shares during the period. Finally, Caxton Associates LLP purchased a new stake in shares of Intrepid Potash in the first quarter valued at about $751,000. 56.13% of the stock is currently owned by hedge funds and other institutional investors.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company's primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.

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