Ivanhoe Mines (TSE:IVN) Price Target Lowered to C$20.00 at Scotiabank

Ivanhoe Mines (TSE:IVN) had its price objective lowered by equities research analysts at Scotiabank from C$21.00 to C$20.00 in a research note issued on Thursday,BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. Scotiabank’s price target would suggest a potential upside of 15.81% from the stock’s previous close. Scotiabank also issued estimates for Ivanhoe Mines’ FY2024 earnings at $0.34 EPS, FY2025 earnings at $0.63 EPS and FY2026 earnings at $0.77 EPS.

A number of other research analysts have also commented on the company. Raymond James cut their price target on Ivanhoe Mines from C$25.00 to C$24.00 and set an “outperform” rating for the company in a report on Thursday. TD Securities cut their target price on shares of Ivanhoe Mines from C$25.00 to C$24.00 and set a “buy” rating for the company in a research note on Thursday. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of C$24.00.

Ivanhoe Mines Trading Up 0.5 %

Ivanhoe Mines stock opened at C$17.27 on Thursday. Ivanhoe Mines has a 52 week low of C$12.94 and a 52 week high of C$21.32. The company has a debt-to-equity ratio of 4.24, a quick ratio of 20.86 and a current ratio of 1.17. The firm has a market capitalization of C$23.31 billion, a PE ratio of 107.94 and a beta of 1.94. The business’s 50-day simple moving average is C$18.21 and its 200-day simple moving average is C$18.18.

Insiders Place Their Bets

In other Ivanhoe Mines news, Director Jinghe Chen sold 60,288 shares of Ivanhoe Mines stock in a transaction on 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 the business’s stock in a transaction on Friday, November 8th. The shares were 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 worth $1,292,379 over the last quarter. Company insiders own 44.96% of the company’s stock.

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.