IperionX (NASDAQ:IPX) Trading Down 6% – What’s Next?

IperionX Limited (NASDAQ:IPX) dropped 6% during mid-day trading on Friday . The company traded as low as $33.27 and last traded at $33.27. Approximately 35,515 shares traded hands during mid-day trading, a decline of 39% from the average daily volume of 58,430 shares. The stock had previously closed at $35.40.

Analysts Set New Price Targets

Separately, B. Riley initiated coverage on shares of IperionX in a report on Thursday, October 10th. They issued a “buy” rating and a $30.00 price target for the company.

IperionX Price Performance

The company has a current ratio of 13.62, a quick ratio of 13.61 and a debt-to-equity ratio of 0.02. The company’s fifty day moving average is $27.52 and its 200-day moving average is $20.90.

Institutional Trading of IperionX

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stifel Financial Corp grew its position in IperionX by 34.3% during the third quarter. Stifel Financial Corp now owns 703,679 shares of the company’s stock valued at $15,671,000 after buying an additional 179,650 shares during the period. Jane Street Group LLC grew its position in shares of IperionX by 134.2% in the third quarter. Jane Street Group LLC now owns 26,528 shares of the company’s stock valued at $591,000 after purchasing an additional 15,202 shares during the period. Ballentine Partners LLC acquired a new stake in shares of IperionX in the third quarter valued at about $529,000. Tidal Investments LLC acquired a new stake in shares of IperionX in the third quarter valued at about $368,000. Finally, Symmetry Peak Management LLC acquired a new stake in shares of IperionX in the third quarter valued at about $228,000. Institutional investors and hedge funds own 2.76% of the company’s stock.

IperionX Company Profile

IperionX’s mission is to be the leading developer of low carbon, sustainable, critical material supply chains focused on advanced industries including space, aerospace, electric vehicles and 3D printing. IperionX’s breakthrough titanium technologies have demonstrated the potential to produce titanium products that are sustainable, 100% recyclable, have low carbon intensity and to do so at product qualities that meet or exceed current industry standards.