IperionX (NASDAQ:IPX) Shares Gap Up – Here’s Why

IperionX Limited Sponsored ADR (NASDAQ:IPX) gapped up before the market opened on Tuesday . The stock had previously closed at $44.32, but opened at $46.05. IperionX shares last traded at $45.85, with a volume of 19,307 shares.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Roth Capital assumed coverage on IperionX in a research note on Wednesday, August 20th. They set a “buy” rating and a $64.00 target price for the company. Wall Street Zen raised IperionX from a “sell” rating to a “hold” rating in a research note on Friday, June 6th. Two research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $46.00.

IperionX Stock Up 2.1%

The stock has a 50 day simple moving average of $36.69 and a 200 day simple moving average of $27.08.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Cape Investment Advisory Inc. purchased a new position in shares of IperionX during the second quarter valued at approximately $34,000. Bank of America Corp DE boosted its position in shares of IperionX by 69.0% during the second quarter. Bank of America Corp DE now owns 35,441 shares of the company’s stock valued at $1,116,000 after buying an additional 14,467 shares during the last quarter. Jane Street Group LLC boosted its position in shares of IperionX by 73.8% during the second quarter. Jane Street Group LLC now owns 55,558 shares of the company’s stock valued at $1,750,000 after buying an additional 23,591 shares during the last quarter. Thomist Capital Management LP purchased a new position in shares of IperionX during the second quarter valued at approximately $59,384,000. Finally, JPMorgan Chase & Co. purchased a new position in shares of IperionX during the second quarter valued at approximately $66,000. Hedge funds and other institutional investors own 2.76% of the company’s stock.

About IperionX

IperionX’s mission is to be the leading developer of low carbon, sustainable, critical material supply chains focused on advanced industries including space, aerospace, electric vehicles and 3D printing. IperionX’s breakthrough titanium technologies have demonstrated the potential to produce titanium products that are sustainable, 100% recyclable, have low carbon intensity and to do so at product qualities that meet or exceed current industry standards.