IperionX (NASDAQ:IPX) Shares Climb 7.9% - Here's What Happened

Key Points

• IperionX shares rose 7.9% to $16.48 in Friday trading, with volume 34% above the average session level.
• Analyst sentiment is mostly positive: six analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and a $42 average price target. However, B. Riley recently cut its target from $52 to $34.
• Chairman Todd Hannigan bought 300,000 shares for approximately $1.08 million, while the company continues developing a lower-carbon, U.S.-based titanium supply chain through its Tennessee Titan Project and proprietary processing technology.

Shares of IperionX Limited Sponsored ADR (NASDAQ:IPX - Get Free Report) traded up 7.9% on Friday. The company traded as high as $16.42 and last traded at $16.48. Approximately 365,584 shares were traded during mid-day trading, an increase of 34% from the average session volume of 273,766 shares. The stock had previously closed at $15.28.

Wall Street Analyst Weigh In

A number of brokerages have commented on IPX. Roth Capital set a $53.00 target price on shares of IperionX in a report on Wednesday, August 5th. B. Riley Financial dropped their target price on shares of IperionX from $52.00 to $34.00 and set a "buy" rating for the company in a report on Wednesday, September 30th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of IperionX in a research note on Friday, July 17th. Finally, Jefferies Financial Group assumed coverage on shares of IperionX in a report on Wednesday, September 2nd. They set a "buy" rating and a $26.00 price objective for the company. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.00.

IperionX Trading Up 7.9%

The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.95 and a current ratio of 3.24. The company has a 50 day simple moving average of $20.87 and a two-hundred day simple moving average of $27.38.

IperionX (NASDAQ:IPX - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.50) EPS for the quarter. As a group, analysts predict that IperionX Limited Sponsored ADR will post -0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Chairman Todd Hannigan acquired 300,000 shares of the stock in a transaction on Monday, July 13th. The stock was bought at an average cost of $3.59 per share, with a total value of $1,077,000.00. Following the transaction, the chairman directly owned 26,633,334 shares in the company, valued at approximately $95,613,669.06. This represents a 1.14% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Institutional Investors Weigh In On IperionX

Several hedge funds have recently made changes to their positions in IPX. Private Advisor Group LLC boosted its position in IperionX by 69.9% during the 1st quarter. Private Advisor Group LLC now owns 63,111 shares of the company's stock valued at $1,643,000 after acquiring an additional 25,964 shares in the last quarter. Connective Capital Management LLC purchased a new position in IperionX during the 2nd quarter worth $160,000. GAMMA Investing LLC grew its stake in shares of IperionX by 40.3% during the second quarter. GAMMA Investing LLC now owns 1,681 shares of the company's stock worth $50,000 after acquiring an additional 483 shares during the last quarter. DLD Asset Management LP purchased a new position in shares of IperionX in the 1st quarter valued at approximately $260,000. Finally, Corigliano Investment Advisers LLC purchased a new stake in IperionX during the 4th quarter worth approximately $362,000. 2.76% of the stock is currently owned by hedge funds and other institutional investors.

About IperionX

IperionX Limited NASDAQ: IPX is a materials technology company focused on developing a U.S.-based, lower-carbon titanium supply chain. The company is working to produce titanium metal, powder and other titanium products for aerospace, defense, automotive, medical and other advanced manufacturing applications.

IperionX is developing its Titan Project in Tennessee, which is designed to supply titanium minerals and support domestic production of titanium products. The project is intended to integrate the processing of titanium mineral resources with downstream manufacturing, reducing reliance on overseas sources of titanium.

The company is also advancing proprietary processing technologies, including its Hydrogen Assisted Metallothermic Reduction process, which is designed to produce titanium metal and powder with lower energy requirements than conventional methods.

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