Ivanhoe Mines (OTCMKTS:IVPAF) Shares Gap Down – Here’s What Happened

Ivanhoe Mines Ltd. (OTCMKTS:IVPAF)’s share price gapped down prior to trading on Thursday. The stock had previously closed at $7.88, but opened at $7.37. Ivanhoe Mines shares last traded at $7.16, with a volume of 31,700 shares trading hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group restated a “hold” rating on shares of Ivanhoe Mines in a report on Monday, July 6th. Scotiabank reaffirmed a “sector perform” rating on shares of Ivanhoe Mines in a report on Wednesday, September 9th. Morgan Stanley reiterated an “overweight” rating on shares of Ivanhoe Mines in a research note on Wednesday, October 7th. Citigroup reiterated a “buy” rating on shares of Ivanhoe Mines in a report on Wednesday. Finally, Canaccord Genuity Group upgraded Ivanhoe Mines from a “hold” rating to a “strong-buy” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Ivanhoe Mines currently has an average rating of “Moderate Buy” and an average price target of $15.20.

Ivanhoe Mines Stock Performance

The firm has a market cap of $10.37 billion, a price-to-earnings ratio of 80.78 and a beta of 1.08. The company has a current ratio of 2.16, a quick ratio of 1.89 and a debt-to-equity ratio of 0.18. The stock’s 50 day moving average is $8.50 and its 200 day moving average is $8.25.

Ivanhoe Mines (OTCMKTS:IVPAF) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.03). Ivanhoe Mines had a return on equity of 5.07% and a net margin of 23.47%. The company had revenue of $152.61 million for the quarter, compared to analyst estimates of $202.11 million. Analysts anticipate that Ivanhoe Mines Ltd. will post 0.30 earnings per share for the current year.

About Ivanhoe Mines

Ivanhoe Mines Ltd. is a Canadian mining and mineral exploration company headquartered in Vancouver, British Columbia. The company focuses on the discovery, development and operation of mineral projects, with an emphasis on copper, zinc, nickel and platinum-group metals.

Its principal asset is the Kamoa-Kakula Copper Complex in the Democratic Republic of the Congo, one of the company’s flagship copper development and production projects. Ivanhoe Mines also operates the Kipushi zinc-copper-germanium-lead mine in the Democratic Republic of the Congo and is developing the Platreef project in South Africa, which is expected to produce nickel, copper, platinum, palladium, rhodium and gold.

Ivanhoe Mines was founded in 1993 by mining entrepreneur Robert Friedland and has built a portfolio concentrated in Southern and Central Africa.