Intrepid Potash (NYSE:IPI) Shares Down 7.2% – Here’s What Happened

Shares of Intrepid Potash, Inc (NYSE:IPI) dropped 7.2% during mid-day trading on Friday . The company traded as low as $44.24 and last traded at $45.3430. Approximately 242,978 shares traded hands during trading, a decline of 5% from the average daily volume of 255,170 shares. The stock had previously closed at $48.84.

Wall Street Analyst Weigh In

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

Intrepid Potash Trading Down 7.3%

The firm’s 50-day moving average is $34.26 and its two-hundred day moving average is $29.95. The stock has a market cap of $607.27 million, a price-to-earnings ratio of 52.92 and a beta of 1.53.

Intrepid Potash (NYSE:IPI) last posted its quarterly earnings data on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.23. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%.The company had revenue of $75.88 million for the quarter, compared to analysts’ expectations of $65.25 million. On average, analysts predict that Intrepid Potash, Inc will post -0.17 earnings per share for the current year.

Institutional Trading of Intrepid Potash

Several large investors have recently made changes to their positions in the company. Signaturefd LLC raised its stake in Intrepid Potash by 668.1% in the 4th quarter. Signaturefd LLC now owns 914 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 795 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Intrepid Potash by 197.8% during the second quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock worth $29,000 after buying an additional 544 shares in the last quarter. Federated Hermes Inc. raised its position in shares of Intrepid Potash by 354.7% in the third quarter. Federated Hermes Inc. now owns 1,355 shares of the basic materials company’s stock valued at $41,000 after buying an additional 1,057 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Intrepid Potash in the fourth quarter valued at about $44,000. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Intrepid Potash by 80.6% in the second quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock worth $49,000 after buying an additional 607 shares in the last quarter. 56.13% of the stock is currently owned by hedge funds and other institutional investors.

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.