IperionX Limited (NASDAQ:IPX) Sees Large Drop in Short Interest

IperionX Limited (NASDAQ:IPX) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totalling 35,400 shares, a drop of 11.1% from the September 30th total of 39,800 shares. Based on an average trading volume of 29,200 shares, the days-to-cover ratio is presently 1.2 days.

Institutional Investors Weigh In On IperionX

Several hedge funds have recently added to or reduced their stakes in IPX. EntryPoint Capital LLC bought a new stake in IperionX during the 1st quarter valued at $33,000. Ballentine Partners LLC purchased a new position in shares of IperionX in the 3rd quarter worth about $529,000. Finally, B. Riley Financial Inc. lifted its holdings in IperionX by 3.3% during the first quarter. B. Riley Financial Inc. now owns 337,762 shares of the company’s stock valued at $5,036,000 after purchasing an additional 10,684 shares during the last quarter. 2.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, B. Riley assumed coverage on shares of IperionX in a report on Thursday, October 10th. They set a “buy” rating and a $30.00 price objective for the company.

IperionX Price Performance

NASDAQ:IPX traded down $0.72 during mid-day trading on Thursday, reaching $21.65. 33,225 shares of the company’s stock were exchanged, compared to its average volume of 31,073. IperionX has a one year low of $8.40 and a one year high of $25.50. The business’s fifty day simple moving average is $20.38 and its two-hundred day simple moving average is $16.53. The company has a debt-to-equity ratio of 0.02, a current ratio of 13.62 and a quick ratio of 13.61.

About IperionX

IperionX’s mission is to be the leading developer of low carbon, sustainable, critical material supply chains focused on advanced industries including space, aerospace, electric vehicles and 3D printing. IperionX’s breakthrough titanium technologies have demonstrated the potential to produce titanium products that are sustainable, 100% recyclable, have low carbon intensity and to do so at product qualities that meet or exceed current industry standards.