BidaskClub upgraded shares of Intrepid Potash, Inc (NYSE:IPI) from a hold rating to a buy rating in a research note released on Wednesday, July 12th.

IPI has been the topic of several other research reports. Zacks Investment Research cut Intrepid Potash from a buy rating to a hold rating in a research note on Friday, April 28th. BMO Capital Markets reaffirmed a hold rating and set a $2.00 price target on shares of Intrepid Potash in a research report on Friday, July 7th.

Shares of Intrepid Potash (NYSE:IPI) traded up 4.66% during midday trading on Wednesday, hitting $3.37. 2,364,640 shares of the stock were exchanged. The stock’s market cap is $426.43 million. Intrepid Potash has a one year low of $0.93 and a one year high of $3.93. The stock’s 50-day moving average price is $2.65 and its 200 day moving average price is $2.15.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings data on Wednesday, August 2nd. The basic materials company reported ($0.03) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.03. Intrepid Potash had a negative return on equity of 12.37% and a negative net margin of 30.56%. The business had revenue of $43.90 million for the quarter, compared to analysts’ expectations of $37.75 million. During the same quarter in the previous year, the business posted ($0.17) EPS. Intrepid Potash’s revenue for the quarter was down 15.3% on a year-over-year basis. On average, analysts anticipate that Intrepid Potash will post ($0.26) earnings per share for the current year.

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In other news, insider Robert P. Jornayvaz III acquired 20,000 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were purchased at an average cost of $3.31 per share, with a total value of $66,200.00. Following the acquisition, the insider now directly owns 1,206,650 shares in the company, valued at approximately $3,994,011.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Clearway Capital Management Lt bought 592,883 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were bought at an average price of $2.89 per share, with a total value of $1,713,431.87. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,224,531 shares of company stock worth $3,511,842 over the last three months. 27.20% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in the company. Fairfax Financial Holdings Ltd Can acquired a new stake in shares of Intrepid Potash during the first quarter valued at $28,500,000. FMR LLC increased its stake in shares of Intrepid Potash by 10.8% in the first quarter. FMR LLC now owns 5,392,100 shares of the basic materials company’s stock valued at $9,274,000 after buying an additional 525,600 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Intrepid Potash by 21.6% in the fourth quarter. Renaissance Technologies LLC now owns 4,255,050 shares of the basic materials company’s stock valued at $8,851,000 after buying an additional 754,550 shares in the last quarter. Bienville Capital Management LLC increased its stake in shares of Intrepid Potash by 4,116.7% in the first quarter. Bienville Capital Management LLC now owns 2,560,728 shares of the basic materials company’s stock valued at $4,404,000 after buying an additional 2,500,000 shares in the last quarter. Finally, Great Lakes Advisors LLC increased its stake in shares of Intrepid Potash by 35.4% in the first quarter. Great Lakes Advisors LLC now owns 1,439,761 shares of the basic materials company’s stock valued at $2,476,000 after buying an additional 376,384 shares in the last quarter. Institutional investors and hedge funds own 42.41% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium-related products. Its products are potash and Trio.

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