Intrepid Potash (NYSE:IPI) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Intrepid Potash, Inc (NYSE:IPI)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $29.10 and traded as high as $34.91. Intrepid Potash shares last traded at $33.3770, with a volume of 102,105 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wall Street Zen lowered Intrepid Potash from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. UBS Group lifted their price target on shares of Intrepid Potash from $23.00 to $24.00 and gave the stock a “sell” rating in a research note on Monday, January 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Intrepid Potash in a research note on Thursday, January 22nd. Finally, Zacks Research downgraded shares of Intrepid Potash from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. One investment analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Intrepid Potash has a consensus rating of “Sell” and an average target price of $24.00.

Intrepid Potash Price Performance

The stock’s fifty day simple moving average is $28.49 and its 200-day simple moving average is $29.10. The stock has a market cap of $448.25 million, a P/E ratio of -2.20 and a beta of 1.59.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The company had revenue of $53.22 million during the quarter, compared to the consensus estimate of $49.54 million. Intrepid Potash had a positive return on equity of 2.32% and a negative net margin of 70.24%. Analysts forecast that Intrepid Potash, Inc will post -0.17 EPS for the current year.

Institutional Trading of Intrepid Potash

A number of large investors have recently modified their holdings of the company. American Century Companies Inc. raised its stake in Intrepid Potash by 24.7% during the 2nd quarter. American Century Companies Inc. now owns 230,113 shares of the basic materials company’s stock valued at $8,222,000 after acquiring an additional 45,577 shares in the last quarter. Squarepoint Ops LLC grew its stake in shares of Intrepid Potash by 266.3% in the second quarter. Squarepoint Ops LLC now owns 56,389 shares of the basic materials company’s stock worth $2,015,000 after purchasing an additional 40,994 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new position in shares of Intrepid Potash during the second quarter valued at $1,125,000. Los Angeles Capital Management LLC bought a new stake in shares of Intrepid Potash during the second quarter valued at about $541,000. Finally, Azarias Capital Management L.P. raised its stake in shares of Intrepid Potash by 64.9% during the third quarter. Azarias Capital Management L.P. now owns 259,788 shares of the basic materials company’s stock valued at $7,944,000 after purchasing an additional 102,266 shares in the last quarter. Institutional investors and hedge funds own 56.13% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.