Ivanhoe Mines (TSE:IVN) Shares Pass Below 200-Day Moving Average - Here's What Happened

Key Points

• Ivanhoe Mines shares fell below their 200-day moving average of C$11.98, reaching C$11.80 before last trading at C$12.11 on heavy volume of about 5.36 million shares.
• Analyst sentiment remains favorable: Morgan Stanley and Canaccord Genuity upgraded the stock, while the consensus rating is “Moderate Buy” with an average price target of C$14.41.
• For the latest quarter, Ivanhoe Mines reported C$0.04 in EPS and C$216.83 million in revenue, with a 23.46% net margin and 2.32% return on equity.

Shares of Ivanhoe Mines Ltd. (TSE:IVN - Get Free Report) passed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of C$11.98 and traded as low as C$11.80. Ivanhoe Mines shares last traded at C$12.11, with a volume of 5,358,991 shares traded.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Morgan Stanley upgraded Ivanhoe Mines from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from C$12.00 to C$13.20 in a research report on Wednesday, July 8th. Canaccord Genuity Group upgraded shares of Ivanhoe Mines from a "hold" rating to a "buy" rating and upped their price target for the stock from C$12.00 to C$13.00 in a report on Tuesday, July 21st. Finally, Scotiabank raised 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 research note on Monday, June 15th. Five equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Ivanhoe Mines currently has a consensus rating of "Moderate Buy" and an average target price of C$14.41.

Ivanhoe Mines Price Performance

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 firm has a market cap of C$17.27 billion, a P/E ratio of 134.56 and a beta of 1.54. The firm has a 50-day simple moving average of C$11.03 and a 200-day simple moving average of C$11.98.

Ivanhoe Mines (TSE:IVN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported C$0.04 earnings per share (EPS) for the quarter. The business had revenue of C$216.83 million for the quarter. Ivanhoe Mines had a return on equity of 2.32% and a net margin of 23.46%. As a group, analysts forecast that Ivanhoe Mines Ltd. will post 1.0136483 EPS for the current year.

Ivanhoe Mines Company Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source