Ivanhoe Mines (TSE:IVN) Share Price Passes Below Fifty Day Moving Average – Here’s Why

Ivanhoe Mines Ltd. (TSE:IVN)’s share price crossed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of C$18.74 and traded as low as C$17.98. Ivanhoe Mines shares last traded at C$18.33, with a volume of 1,302,253 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Canaccord Genuity Group lifted their price target on Ivanhoe Mines from C$24.00 to C$25.00 in a research note on Monday, July 22nd. TD Securities increased their price objective on Ivanhoe Mines from C$23.00 to C$25.00 in a report on Monday, July 22nd. Royal Bank of Canada decreased their price objective on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a report on Tuesday, September 10th. Finally, Scotiabank increased their price objective on Ivanhoe Mines from C$21.00 to C$22.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of C$24.30.

Ivanhoe Mines Stock Down 1.4 %

The firm has a 50-day moving average of C$18.74 and a 200 day moving average of C$18.51. The company has a debt-to-equity ratio of 4.24, a current ratio of 1.17 and a quick ratio of 20.86. The stock has a market capitalization of C$24.75 billion, a price-to-earnings ratio of 114.56 and a beta of 1.94.

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.