Ivanhoe Mines (TSE:IVN) Sets New 52-Week Low After Analyst Downgrade

Ivanhoe Mines Ltd. (TSE:IVN)’s stock price reached a new 52-week low on Friday after UBS Group lowered their price target on the stock from C$17.00 to C$15.00. The company traded as low as C$8.76 and last traded at C$9.99, with a volume of 14634245 shares changing hands. The stock had previously closed at C$10.77.

IVN has been the subject of a number of other research reports. Citigroup dropped their price target on 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. TD Securities reduced their price target on Ivanhoe Mines from C$22.00 to C$17.00 in a research note on Tuesday, April 15th. Scotiabank downgraded Ivanhoe Mines from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from C$16.00 to C$12.00 in a report on Thursday. Finally, Jefferies Financial Group lowered their target price on Ivanhoe Mines from C$19.00 to C$17.00 in a report on Thursday. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, Ivanhoe Mines currently has a consensus rating of “Moderate Buy” and a consensus target price of C$19.25.

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 market cap of C$9.47 billion, a price-to-earnings ratio of 60.40 and a beta of 1.94. The stock has a 50 day simple moving average of C$12.37 and a two-hundred day simple moving average of C$14.89.

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.