Ivanhoe Mines (TSE:IVN) Sets New 1-Year Low - Here's Why

Key Points

• Ivanhoe Mines shares hit a new 52-week low, falling 3.8% to C$8.95 after trading as low as C$8.88, well below their 50-day and 200-day moving averages.
• Despite the decline, analysts remain broadly positive: the stock has an average “Moderate Buy” rating and a consensus price target of C$14.72, with several firms recently raising targets.
• The company reported C$216.83 million in quarterly revenue and C$0.04 EPS, while advancing copper, zinc, and platinum-group-metal mining projects in the Democratic Republic of the Congo and South Africa.

Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report)'s share price reached a new 52-week low on Friday. The company traded as low as C$8.88 and last traded at C$8.95, with a volume of 1,468,058 shares. The stock had previously closed at C$9.41.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Canaccord Genuity Group upped their price target on shares of Ivanhoe Mines from C$13.00 to C$15.00 and gave the company a "buy" rating in a report on Wednesday, September 9th. Morgan Stanley upgraded Ivanhoe Mines from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from C$12.00 to C$13.20 in a report on Wednesday, July 8th. Stifel Nicolaus lifted their target price on Ivanhoe Mines from C$15.00 to C$17.00 and gave the stock a "buy" rating in a research report on Wednesday, September 9th. Finally, Scotia increased their price target on shares of Ivanhoe Mines from C$13.00 to C$13.50 and gave the stock a "sector perform" rating in a report on Wednesday, September 9th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of C$14.72.

Ivanhoe Mines Stock Down 3.8%

The stock's 50 day simple moving average is C$11.53 and its 200 day simple moving average is C$12.40. The company has a current ratio of 2.16, a quick ratio of 20.86 and a debt-to-equity ratio of 21.70. The stock has a market capitalization of C$12.91 billion, a P/E ratio of 100.56 and a beta of 1.60.

Ivanhoe Mines (TSE:IVN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported C$0.04 earnings per share (EPS) for the quarter. Ivanhoe Mines had a return on equity of 2.32% and a net margin of 23.46%. The business had revenue of C$216.83 million during the quarter. As a group, research analysts predict that Ivanhoe Mines Ltd. will post 1.01 EPS for the current fiscal year.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal operations in Southern Africa; the Kamoa-Kakula Copper Complex in the DRC, the ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC; and the tier-one Platreef platinum-palladium-nickel-rhodium-gold-copper mine in South Africa. Ivanhoe Mines is exploring for copper in its highly prospective, 54-100% owned exploration licences in the Western Forelands, covering an area over six times larger than the adjacent Kamoa-Kakula Copper Complex, including the high-grade discoveries in the Makoko District.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.