Intrepid Potash, Inc. (NYSE:IPI) Sees Large Decline in Short Interest

Intrepid Potash, Inc. (NYSE:IPI) saw a significant decrease in short interest in August. As of August 31st, there was short interest totalling 305,000 shares, a decrease of 8.1% from the August 15th total of 331,800 shares. Based on an average daily volume of 68,600 shares, the days-to-cover ratio is presently 4.4 days. Currently, 3.1% of the shares of the company are sold short.

Intrepid Potash Stock Performance

NYSE:IPI opened at $24.44 on Thursday. Intrepid Potash has a 1 year low of $17.52 and a 1 year high of $28.00. The stock has a market cap of $324.29 million, a price-to-earnings ratio of -7.23 and a beta of 2.19. The business has a fifty day moving average of $23.89 and a 200-day moving average of $22.93.

Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Monday, August 5th. The basic materials company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.08). The business had revenue of $62.06 million during the quarter, compared to the consensus estimate of $50.88 million. Intrepid Potash had a negative return on equity of 2.02% and a negative net margin of 19.19%. During the same period in the previous year, the company posted $0.33 EPS. On average, equities research analysts predict that Intrepid Potash will post 0.15 EPS for the current year.

Hedge Funds Weigh In On Intrepid Potash

Several large investors have recently made changes to their positions in IPI. Principal Financial Group Inc. boosted its holdings in Intrepid Potash by 28.3% during the fourth quarter. Principal Financial Group Inc. now owns 12,995 shares of the basic materials company’s stock worth $310,000 after buying an additional 2,864 shares in the last quarter. Aristides Capital LLC acquired a new position in shares of Intrepid Potash in the 4th quarter worth $245,000. CastleKnight Management LP raised its position in shares of Intrepid Potash by 336.2% during the fourth quarter. CastleKnight Management LP now owns 98,600 shares of the basic materials company’s stock worth $2,356,000 after purchasing an additional 75,998 shares during the period. Goehring & Rozencwajg Associates LLC raised its position in shares of Intrepid Potash by 3.4% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 162,024 shares of the basic materials company’s stock worth $3,871,000 after purchasing an additional 5,270 shares during the period. Finally, Azarias Capital Management L.P. lifted its holdings in shares of Intrepid Potash by 12.2% during the first quarter. Azarias Capital Management L.P. now owns 677,704 shares of the basic materials company’s stock valued at $14,137,000 after purchasing an additional 73,662 shares during the last quarter. Institutional investors own 56.13% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.