Ivanhoe Mines (TSE:IVN) Share Price Crosses Above Fifty Day Moving Average – Here’s Why

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of C$11.40 and traded as high as C$12.01. Ivanhoe Mines shares last traded at C$11.83, with a volume of 3,138,851 shares changing hands.

Analyst Ratings Changes

A number of research firms have weighed in on IVN. Morgan Stanley raised shares of Ivanhoe Mines from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from C$12.00 to C$13.20 in a research report on Wednesday, July 8th. Stifel Nicolaus lifted their price objective on Ivanhoe Mines from C$15.00 to C$17.00 and gave the stock a “buy” rating in a research note on Wednesday, September 9th. Scotia boosted their price objective on Ivanhoe Mines from C$13.00 to C$13.50 and gave the stock a “sector perform” rating in a research report on Wednesday, September 9th. Canaccord Genuity Group increased their target price on Ivanhoe Mines from C$13.00 to C$15.00 and gave the company a “buy” rating in a research note on Wednesday, September 9th. Finally, Scotiabank raised their target price on Ivanhoe Mines from C$13.00 to C$13.50 and gave the company a “sector perform” rating in a report on Monday, June 15th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Ivanhoe Mines has a consensus rating of “Moderate Buy” and an average target price of C$14.72.

Ivanhoe Mines Trading Down 0.4%

The stock has a market capitalization of C$17.06 billion, a price-to-earnings ratio of 132.89 and a beta of 1.58. The company’s 50 day moving average is C$11.43 and its 200 day moving average is C$11.63. The company has a debt-to-equity ratio of 21.70, a quick ratio of 20.86 and a current ratio of 2.16.

Ivanhoe Mines (TSE:IVN) last posted its quarterly earnings results on Wednesday, July 29th. The company reported C$0.04 earnings per share (EPS) for the quarter. Ivanhoe Mines had a net margin of 23.46% and a return on equity of 2.32%. The company had revenue of C$216.83 million for the quarter. On average, research analysts forecast that Ivanhoe Mines Ltd. will post 1.0136483 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.