Ivanhoe Mines (TSE:IVN) Shares Pass Above 50-Day Moving Average of $8.29

Ivanhoe Mines Ltd. (TSE:IVNGet Rating) shares crossed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of C$8.29 and traded as high as C$8.96. Ivanhoe Mines shares last traded at C$8.67, with a volume of 663,229 shares.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on IVN. Raymond James cut their price objective on Ivanhoe Mines from C$13.50 to C$13.00 and set an “outperform” rating on the stock in a research note on Tuesday, July 19th. Royal Bank of Canada cut their price target on Ivanhoe Mines from C$14.00 to C$12.00 and set an “outperform” rating for the company in a report on Tuesday, August 16th. Finally, Scotiabank cut their price target on Ivanhoe Mines from C$15.00 to C$13.00 in a report on Thursday, July 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of C$14.19.

Ivanhoe Mines Stock Down 1.6 %

The business has a 50-day simple moving average of C$8.29 and a two-hundred day simple moving average of C$9.40. The stock has a market capitalization of C$10.53 billion and a P/E ratio of 17.00. The company has a quick ratio of 21.62, a current ratio of 22.59 and a debt-to-equity ratio of 18.18.

Ivanhoe Mines (TSE:IVNGet Rating) last announced its quarterly earnings results on Monday, August 15th. The company reported C$0.33 earnings per share for the quarter, beating analysts’ consensus estimates of C$0.09 by C$0.24. During the same period in the prior year, the firm earned ($0.02) earnings per share. Equities research analysts forecast that Ivanhoe Mines Ltd. will post 0.69 earnings per share for the current fiscal year.

About Ivanhoe Mines

(Get Rating)

Ivanhoe Mines Ltd. engages in the exploration, development, and recovery of minerals and precious metals located 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.

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