Ivanhoe Mines (OTCMKTS:IVPAF) Shares Gap Up – Time to Buy?

Ivanhoe Mines Ltd. (OTCMKTS:IVPAF) gapped up prior to trading on Monday . The stock had previously closed at $7.60, but opened at $7.96. Ivanhoe Mines shares last traded at $7.43, with a volume of 78,721 shares trading hands.

Analysts Set New Price Targets

IVPAF has been the subject of several recent research reports. UBS Group upgraded Ivanhoe Mines to a “strong-buy” rating in a research report on Thursday, June 12th. Raymond James Financial upgraded Ivanhoe Mines to a “moderate buy” rating in a research report on Monday, June 30th. Citigroup upgraded Ivanhoe Mines to a “strong-buy” rating in a research report on Monday, June 16th. Scotiabank cut Ivanhoe Mines from a “strong-buy” rating to a “hold” rating in a research report on Thursday, June 12th. Finally, Canaccord Genuity Group upgraded Ivanhoe Mines to a “strong-buy” rating in a research report on Friday, June 13th. One equities research analyst has rated the stock with a hold rating and four have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Strong Buy”.

Ivanhoe Mines Price Performance

The company has a 50 day simple moving average of $8.52 and a 200-day simple moving average of $9.73. The stock has a market cap of $10.49 billion and a P/E ratio of 15.67.

Ivanhoe Mines (OTCMKTS:IVPAF) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.07 by $0.03. The firm had revenue of $77.02 million for the quarter, compared to the consensus estimate of $108.71 million.

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.