Intrepid Potash (NYSE:IPI) Shares Up 6.5% – Time to Buy?

Shares of Intrepid Potash, Inc (NYSE:IPI) traded up 6.5% on Thursday . The stock traded as high as $45.49 and last traded at $44.8350. 72,661 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 311,398 shares. The stock had previously closed at $42.08.

Wall Street Analysts Forecast Growth

IPI has been the topic of a number of recent research reports. UBS Group lifted their target price on shares of Intrepid Potash from $24.00 to $25.00 and gave the company a “sell” rating in a report on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Intrepid Potash in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Sell” and a consensus price target of $25.00.

Intrepid Potash Stock Performance

The stock has a market capitalization of $586.29 million, a PE ratio of 51.58 and a beta of 1.53. The business’s 50-day moving average is $37.32 and its two-hundred day moving average is $31.17.

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

Institutional Investors Weigh In On Intrepid Potash

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

Intrepid Potash Company Profile

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.