Ivanhoe Mines (TSE:IVN) Hits New 12-Month Low – Here’s Why

Ivanhoe Mines Ltd. (TSE:IVN) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as C$13.91 and last traded at C$13.93, with a volume of 3805778 shares. The stock had previously closed at C$14.61.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IVN. UBS Group dropped their target price on shares of Ivanhoe Mines from C$21.00 to C$19.00 in a report on Friday, February 21st. Raymond James dropped their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. TD Securities dropped their target price on Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a report on Thursday, January 9th. Citigroup dropped their price target on shares of Ivanhoe Mines from C$24.00 to C$20.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Scotiabank dropped their target price on shares of Ivanhoe Mines from C$21.00 to C$20.00 and set an “outperform” rating on the stock in a research note on Thursday, January 9th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of C$23.18.

Ivanhoe Mines Stock Performance

The company has a market cap of C$13.21 billion, a P/E ratio of 84.22 and a beta of 1.94. The company has a quick ratio of 20.86, a current ratio of 1.36 and a debt-to-equity ratio of 2.48. The business has a fifty day simple moving average of C$16.56 and a two-hundred day simple moving average of C$17.71.

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.