Ivanhoe Mines (TSE:IVN) Share Price Passes Below 200-Day Moving Average – Here’s Why

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$18.52 and traded as low as C$18.47. Ivanhoe Mines shares last traded at C$18.74, with a volume of 912,726 shares changing hands.

Wall Street Analyst Weigh In

IVN has been the subject of several analyst reports. Scotiabank upped their target price on Ivanhoe Mines from C$21.00 to C$22.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Jefferies Financial Group upped their price target on Ivanhoe Mines from C$25.00 to C$26.00 in a report on Friday, July 12th. Royal Bank of Canada lowered their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a research report on Tuesday, September 10th. TD Securities boosted their target price on shares of Ivanhoe Mines from C$23.00 to C$25.00 in a research report on Monday, July 22nd. Finally, Canaccord Genuity Group raised their price target on shares of Ivanhoe Mines from C$24.00 to C$25.00 in a report on Monday, July 22nd. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$24.30.

Ivanhoe Mines Stock Performance

The company has a current ratio of 1.17, a quick ratio of 20.86 and a debt-to-equity ratio of 4.24. The stock’s 50-day moving average price is C$18.68 and its 200-day moving average price is C$18.52. The company has a market capitalization of C$25.30 billion, a P/E ratio of 117.13 and a beta of 1.94.

Ivanhoe Mines (TSE:IVN) last issued its earnings results on Wednesday, July 31st. The company reported C$0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.07 by C$0.01. As a group, equities analysts expect that Ivanhoe Mines Ltd. will post 1.0136483 EPS for the current year.

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.