Scotiabank Has Lowered Expectations for Ivanhoe Mines (TSE:IVN) Stock Price

Ivanhoe Mines (TSE:IVN) had its price target cut by investment analysts at Scotiabank from C$21.00 to C$20.00 in a note issued to investors on Thursday,BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 16.28% from the stock’s previous close. Scotiabank also issued estimates for Ivanhoe Mines’ FY2024 earnings at $0.34 EPS and FY2025 earnings at $0.63 EPS.

Several other equities analysts have also recently weighed in on the stock. Raymond James lowered their price objective on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a research note on Thursday. TD Securities dropped their price target on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating on the stock in a research note on Thursday. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of C$24.00.

Ivanhoe Mines Stock Up 1.7 %

IVN traded up C$0.28 during trading on Thursday, reaching C$17.20. The stock had a trading volume of 485,183 shares, compared to its average volume of 1,187,983. The stock’s 50 day moving average is C$18.30 and its two-hundred day moving average is C$18.19. Ivanhoe Mines has a one year low of C$12.94 and a one year high of C$21.32. The company has a market capitalization of C$23.22 billion, a price-to-earnings ratio of 107.50 and a beta of 1.94. The company has a current ratio of 1.17, a quick ratio of 20.86 and a debt-to-equity ratio of 4.24.

Insider Buying and Selling at Ivanhoe Mines

In other news, Director Jinghe Chen sold 60,288 shares of the business’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of C$19.00, for a total transaction of C$1,145,472.00. Also, Director Martie Cloete sold 2,800 shares of Ivanhoe Mines stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of C$18.56, for a total transaction of C$51,968.00. Insiders sold a total of 68,088 shares of company stock valued at $1,292,379 in the last three months. Company insiders own 44.96% of the company’s stock.

Ivanhoe Mines Company Profile

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.