Shares of Intrepid Potash, Inc (NYSE:IPI) gapped up before the market opened on Monday . The stock had previously closed at $3.75, but opened at $3.87. Intrepid Potash shares last traded at $4.06, with a volume of 2,721,120 shares traded.
A number of analysts recently weighed in on the stock. BidaskClub upgraded shares of Intrepid Potash from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 2nd. Zacks Investment Research lowered shares of Intrepid Potash from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 26th. BMO Capital Markets upped their target price on shares of Intrepid Potash from $2.00 to $3.00 and gave the stock a “market perform” rating in a research note on Thursday, August 3rd. Finally, UBS AG lowered shares of Intrepid Potash from a “neutral” rating to a “sell” rating and upped their target price for the stock from $2.00 to $2.50 in a research note on Monday, August 7th.
The stock’s market cap is $501.53 million. The firm has a 50 day moving average price of $3.55 and a 200-day moving average price of $2.49.
Intrepid Potash (NYSE:IPI) last released its quarterly earnings results on Wednesday, August 2nd. The basic materials company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.03. The firm had revenue of $43.90 million for the quarter, compared to analyst estimates of $37.75 million. Intrepid Potash had a negative return on equity of 12.37% and a negative net margin of 30.56%. Intrepid Potash’s revenue for the quarter was down 15.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.17) EPS. Equities research analysts predict that Intrepid Potash, Inc will post ($0.21) EPS for the current fiscal year.
In related news, insider Robert P. Jornayvaz III purchased 20,000 shares of Intrepid Potash stock in a transaction that occurred on Monday, August 7th. The shares were purchased at an average cost of $3.31 per share, with a total value of $66,200.00. Following the transaction, the insider now owns 1,206,650 shares of the company’s stock, valued at approximately $3,994,011.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Clearway Capital Management Lt purchased 17,100 shares of Intrepid Potash stock in a transaction that occurred on Friday, August 18th. The shares were bought at an average cost of $3.20 per share, for a total transaction of $54,720.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 2,122,031 shares of company stock worth $6,603,387 over the last three months. 27.30% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of IPI. Fairfax Financial Holdings Ltd Can purchased a new stake in Intrepid Potash during the 1st quarter worth approximately $28,500,000. State Street Corp increased its holdings in Intrepid Potash by 3,191.0% during the 2nd quarter. State Street Corp now owns 1,144,560 shares of the basic materials company’s stock worth $2,590,000 after purchasing an additional 1,109,782 shares during the last quarter. Vanguard Group Inc. increased its holdings in Intrepid Potash by 30.5% during the 2nd quarter. Vanguard Group Inc. now owns 4,255,979 shares of the basic materials company’s stock worth $9,619,000 after purchasing an additional 994,554 shares during the last quarter. Northern Trust Corp increased its holdings in Intrepid Potash by 540.0% during the 2nd quarter. Northern Trust Corp now owns 1,091,221 shares of the basic materials company’s stock worth $2,466,000 after purchasing an additional 920,720 shares during the last quarter. Finally, Schroder Investment Management Group purchased a new stake in Intrepid Potash during the 1st quarter worth approximately $1,472,000. Institutional investors own 47.26% of the company’s stock.
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About Intrepid Potash
Intrepid Potash, Inc is a producer of muriate of potash (potassium chloride or potash) and langbeinite (sulfate of potash magnesia) in the United States, which it markets and sells as Trio. The Company operates in the extraction, production and sale of potassium-related products. Its products are potash and Trio.
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