Ivanhoe Mines (TSE:IVN) Shares Cross Below 50-Day Moving Average of $18.92

Shares of Ivanhoe Mines Ltd. (TSE:IVN) passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of C$18.92 and traded as low as C$17.60. Ivanhoe Mines shares last traded at C$17.65, with a volume of 2,214,165 shares changing hands.

Analysts Set New Price Targets

IVN has been the topic of several analyst reports. Royal Bank of Canada upped their price objective on Ivanhoe Mines from C$19.00 to C$22.00 and gave the company an “outperform” rating in a research note on Wednesday, May 1st. Jefferies Financial Group set a C$25.00 price objective on Ivanhoe Mines and gave the company a “buy” rating in a research note on Friday, May 3rd. Raymond James upped their price objective on Ivanhoe Mines from C$21.00 to C$24.00 and gave the company an “outperform” rating in a research note on Thursday, May 23rd. Canaccord Genuity Group boosted their target price on Ivanhoe Mines from C$22.00 to C$24.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Finally, Bank of America boosted their target price on Ivanhoe Mines from C$15.50 to C$21.00 in a report on Tuesday, April 9th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ivanhoe Mines has an average rating of “Buy” and a consensus target price of C$23.25.

Ivanhoe Mines Stock Performance

The firm has a fifty day simple moving average of C$18.92 and a 200-day simple moving average of C$16.32. The company has a current ratio of 0.42, a quick ratio of 20.86 and a debt-to-equity ratio of 18.77. The stock has a market cap of C$23.77 billion, a price-to-earnings ratio of 98.53 and a beta of 1.98.

Ivanhoe Mines (TSE:IVN) last posted its quarterly earnings data on Tuesday, April 30th. The company reported C($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of C($0.01) by C($0.06). Analysts forecast that Ivanhoe Mines Ltd. will post 0.4653228 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Senior Officer Mary Vincelli sold 3,600 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of C$17.96, for a total value of C$64,639.80. In other news, Senior Officer Mary Vincelli sold 3,600 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of C$17.96, for a total value of C$64,639.80. Also, insider CITIC Metal Africa Investments Limited sold 248,314 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of C$17.32, for a total value of C$4,300,723.99. In the last quarter, insiders have sold 12,064,614 shares of company stock valued at $210,024,706. 50.86% of the stock is currently owned by corporate insiders.

About Ivanhoe Mines

Ivanhoe Mines Ltd. engages in the mining, development, and exploration of minerals and precious metals primarily in Africa. It explores for platinum, palladium, nickel, copper, gold, rhodium, zinc, silver, germanium, and lead deposits. The company's projects include the Platreef project located in the Northern Limb of South Africa's Bushveld Complex; the Kipushi project located in Haut-Katanga Province, Democratic Republic of Congo; and the Kamoa-Kakula project located within the Central African Copperbelt.