Intrepid Potash (NYSE:IPI) Trading Down 4.3% – Here’s What Happened

Intrepid Potash, Inc (NYSE:IPI) shares were down 4.3% during trading on Wednesday . The stock traded as low as $39.52 and last traded at $39.5310. Approximately 51,813 shares traded hands during trading, a decline of 83% from the average daily volume of 299,963 shares. The stock had previously closed at $41.31.

Analyst Ratings Changes

Several analysts have commented on IPI shares. UBS Group increased their target price on Intrepid Potash from $25.00 to $26.00 and gave the company a “sell” rating in a research note on Thursday, May 14th. Weiss Ratings upgraded Intrepid Potash from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, May 8th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus price target of $26.00.

Intrepid Potash Trading Down 1.5%

The firm has a 50 day simple moving average of $40.63 and a 200 day simple moving average of $33.83. The firm has a market capitalization of $533.91 million, a PE ratio of 37.50 and a beta of 1.25.

Intrepid Potash (NYSE:IPI) last issued its earnings results 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. The business had revenue of $98.69 million for the quarter, compared to the consensus estimate of $88.30 million. Intrepid Potash had a return on equity of 4.53% and a net margin of 4.68%. Research analysts forecast that Intrepid Potash, Inc will post 1.62 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Lori A. Lancaster sold 4,800 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $45.24, for a total transaction of $217,152.00. Following the completion of the sale, the director owned 10,540 shares in the company, valued at approximately $476,829.60. This represents a 31.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Intrepid Potash

Hedge funds have recently bought and sold shares of the company. EverSource Wealth Advisors LLC increased its position in Intrepid Potash by 197.8% during the second 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 last quarter. International Assets Investment Management LLC purchased a new stake in Intrepid Potash during the first quarter valued at $37,000. Signaturefd LLC increased its position in Intrepid Potash by 668.1% during the fourth 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 last quarter. Federated Hermes Inc. increased its position in Intrepid Potash by 354.7% during the third 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 last quarter. Finally, Tower Research Capital LLC TRC increased its position in Intrepid Potash by 80.6% during the second quarter. Tower Research Capital LLC TRC now owns 1,360 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 607 shares during the last quarter. Hedge funds and other institutional investors 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.