Ivanhoe Mines (TSE:IVN) Trading 8.6% Higher – Should You Buy?

Ivanhoe Mines Ltd. (TSE:IVN) shares rose 8.6% during mid-day trading on Tuesday . The stock traded as high as C$11.39 and last traded at C$11.15. Approximately 5,567,825 shares traded 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.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IVN. UBS Group lowered their price objective on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a research report on Friday, February 21st. Raymond James cut their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a report on Thursday, January 9th. Scotiabank reduced 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. Citigroup decreased their target price on Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating for the company in a research note on Tuesday, February 25th. Finally, TD Securities dropped their price objective on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a report on Thursday, January 9th. Eight analysts have rated the stock with a buy rating, According to 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 has a debt-to-equity ratio of 2.48, a current ratio of 1.36 and a quick ratio of 20.86. The company has a 50-day simple moving average of C$14.29 and a 200-day simple moving average of C$16.92. The stock 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.