Ivanhoe Mines (TSE:IVN) Stock Price Up 8.6% – Still a Buy?

Ivanhoe Mines Ltd. (TSE:IVN)’s share price rose 8.6% during mid-day trading on Tuesday . The company traded as high as C$11.39 and last traded at C$11.15. Approximately 5,567,825 shares changed hands during mid-day trading, an increase of 132% from the average daily volume of 2,400,169 shares. The stock had previously closed at C$10.27.

Analysts Set New Price Targets

IVN has been the topic of a number of recent analyst reports. UBS Group reduced their price target on Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Citigroup decreased their price objective on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Raymond James cut their price target on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research note on Thursday, January 9th. Scotiabank dropped their price objective on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a report on Thursday, January 9th. Finally, Jefferies Financial Group increased their price target on shares of Ivanhoe Mines from C$23.00 to C$24.00 in a report on Friday, April 4th. Eight equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Ivanhoe Mines currently has a consensus rating of “Buy” and an average price target of C$23.20.

Ivanhoe Mines Price Performance

The company’s 50-day simple moving average is C$14.29 and its 200 day simple moving average is C$16.92. The company has a debt-to-equity ratio of 2.48, a quick ratio of 20.86 and a current ratio of 1.36. The company has a market cap of C$10.35 billion, a PE ratio of 66.02 and a beta of 1.94.

About Ivanhoe Mines

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.