Intrepid Potash (NYSE:IPI) Trading Up 7.1% – Here’s What Happened
by Sarita Garza · The Markets DailyShares of Intrepid Potash, Inc (NYSE:IPI – Get Free Report) were up 7.1% during trading on Wednesday . The company traded as high as $43.93 and last traded at $43.7360. Approximately 208,497 shares changed hands during trading, a decline of 11% from the average daily volume of 234,295 shares. The stock had previously closed at $40.85.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. UBS Group lifted their price objective on shares of Intrepid Potash from $24.00 to $25.00 and gave the company a “sell” rating in a research note on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Intrepid Potash in a report on Thursday, January 22nd. One equities research analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Sell” and an average target price of $25.00.
Read Our Latest Analysis on IPI
Intrepid Potash Stock Performance
The stock has a market cap of $583.67 million, a P/E ratio of 51.16 and a beta of 1.53. The stock has a 50-day moving average price of $33.51 and a 200-day moving average price of $29.72.
Intrepid Potash (NYSE:IPI – Get Free Report) last posted its quarterly earnings data on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.23. The company had revenue of $75.88 million for the quarter, compared to analysts’ expectations of $65.25 million. Intrepid Potash had a net margin of 3.75% and a return on equity of 3.93%. Sell-side analysts forecast that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.
Institutional Trading of Intrepid Potash
A number of hedge funds have recently made changes to their positions in IPI. Summit Global Investments increased its stake in Intrepid Potash by 5.0% in the fourth quarter. Summit Global Investments now owns 15,574 shares of the basic materials company’s stock valued at $432,000 after acquiring an additional 748 shares during the last quarter. Empowered Funds LLC boosted its holdings in shares of Intrepid Potash by 10.7% in the 4th quarter. Empowered Funds LLC now owns 81,568 shares of the basic materials company’s stock worth $2,262,000 after purchasing an additional 7,907 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Intrepid Potash during the 4th quarter valued at about $854,000. Man Group plc bought a new position in shares of Intrepid Potash during the 4th quarter valued at about $783,000. Finally, Trexquant Investment LP purchased a new position in shares of Intrepid Potash during the 4th quarter valued at about $337,000. 56.13% of the stock is owned by 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.