Intrepid Potash (NYSE:IPI) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Intrepid Potash, Inc (NYSE:IPI)’s stock price crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.09 and traded as high as $45.00. Intrepid Potash shares last traded at $42.7590, with a volume of 418,197 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have commented on IPI. Weiss Ratings restated a “sell (d-)” rating on shares of Intrepid Potash in a research note on Thursday, January 22nd. UBS Group boosted their price target on Intrepid Potash from $24.00 to $25.00 and gave the stock a “sell” rating in a report on Thursday, March 5th. One analyst has rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Sell” and an average price target of $25.00.

Intrepid Potash Trading Down 3.0%

The firm’s 50 day simple moving average is $37.16 and its 200 day simple moving average is $31.09. The firm has a market cap of $573.40 million, a PE ratio of 50.30 and a beta of 1.53.

Intrepid Potash (NYSE:IPI) last issued its quarterly earnings data on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.23. The firm had revenue of $75.88 million during the quarter, compared to analyst estimates of $65.25 million. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%. As a group, equities research analysts predict that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Intrepid Potash

Several large investors have recently modified their holdings of the stock. Hsbc Holdings PLC purchased a new position in Intrepid Potash during the fourth quarter worth $371,000. Summit Global Investments boosted its stake in shares of Intrepid Potash by 5.0% during the 4th quarter. Summit Global Investments now owns 15,574 shares of the basic materials company’s stock worth $432,000 after purchasing an additional 748 shares during the period. Empowered Funds LLC boosted its stake in shares of Intrepid Potash by 10.7% during the 4th quarter. Empowered Funds LLC now owns 81,568 shares of the basic materials company’s stock worth $2,262,000 after purchasing an additional 7,907 shares during the period. XTX Topco Ltd bought a new position in Intrepid Potash during the 4th quarter valued at about $854,000. Finally, Man Group plc bought a new position in Intrepid Potash during the 4th quarter valued at about $783,000. Institutional investors own 56.13% of the company’s stock.

Intrepid Potash Company Profile

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.