Intrepid Potash (NYSE:IPI) Shares Down 7.2% – Here’s What Happened

Intrepid Potash, Inc (NYSE:IPI) was down 7.2% during mid-day trading on Friday . The stock traded as low as $44.24 and last traded at $45.3430. Approximately 242,978 shares changed hands during trading, a decline of 5% from the average daily volume of 255,170 shares. The stock had previously closed at $48.84.

Analyst Ratings Changes

A number of research analysts have weighed in on IPI shares. UBS Group raised their target price on shares of Intrepid Potash from $24.00 to $25.00 and gave the stock a “sell” rating in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Intrepid Potash in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Sell” and an average target price of $25.00.

Intrepid Potash Stock Performance

The firm has a market cap of $607.27 million, a PE ratio of 52.92 and a beta of 1.53. The firm’s 50 day moving average price is $34.26 and its two-hundred day moving average price is $29.95.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings data on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.23. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%.The company had revenue of $75.88 million during the quarter, compared to analyst estimates of $65.25 million. On average, analysts forecast that Intrepid Potash, Inc will post -0.17 earnings per share for the current year.

Institutional Trading of Intrepid Potash

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Signaturefd LLC raised its holdings in Intrepid Potash by 668.1% in the 4th quarter. Signaturefd LLC now owns 914 shares of the basic materials company’s stock valued at $25,000 after buying an additional 795 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Intrepid Potash by 197.8% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock worth $29,000 after buying an additional 544 shares during the period. Federated Hermes Inc. increased its position in shares of Intrepid Potash by 354.7% during the third quarter. Federated Hermes Inc. now owns 1,355 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 1,057 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Intrepid Potash in the 4th quarter valued at approximately $44,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Intrepid Potash by 80.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 607 shares during the period. 56.13% of the stock is owned by institutional investors and hedge funds.

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.