Intrepid Potash (NYSE:IPI) Trading Up 12.6% – Time to Buy?

Intrepid Potash, Inc (NYSE:IPI)’s share price shot up 12.6% during mid-day trading on Monday . The stock traded as high as $42.28 and last traded at $42.5660. 190,243 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 302,474 shares. The stock had previously closed at $37.81.

Analysts Set New Price Targets

Several research firms have recently issued reports on IPI. Weiss Ratings upgraded shares of Intrepid Potash from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, May 8th. UBS Group raised their target price on shares of Intrepid Potash from $24.00 to $25.00 and gave the stock a “sell” rating in a report on Thursday, March 5th. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Intrepid Potash presently has a consensus rating of “Reduce” and an average price target of $25.00.

Intrepid Potash Trading Down 2.7%

The company has a market cap of $609.98 million, a PE ratio of 42.85 and a beta of 1.25. The firm’s 50-day simple moving average is $40.44 and its two-hundred day simple moving average is $33.24.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. Intrepid Potash had a net margin of 4.68% and a return on equity of 4.53%. The business had revenue of $98.69 million during the quarter, compared to analysts’ expectations of $88.30 million. As a group, analysts predict that Intrepid Potash, Inc will post 1.62 EPS for the current year.

Institutional Trading of Intrepid Potash

Several institutional investors and hedge funds have recently bought and sold shares of IPI. Signaturefd LLC lifted its stake in Intrepid Potash by 668.1% during the 4th quarter. Signaturefd LLC now owns 914 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 795 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Intrepid Potash by 197.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 819 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 544 shares during the period. International Assets Investment Management LLC acquired a new stake in Intrepid Potash during the 1st quarter valued at approximately $37,000. Federated Hermes Inc. lifted its stake in Intrepid Potash by 354.7% during the 3rd quarter. Federated Hermes Inc. now owns 1,355 shares of the basic materials company’s stock valued at $41,000 after acquiring an additional 1,057 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Intrepid Potash during the 4th quarter valued at approximately $44,000. 56.13% of the stock is currently owned by institutional investors and hedge funds.

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.