Intrepid Potash (NYSE:IPI) Shares Pass Above 200-Day Moving Average – Time to Sell?

Intrepid Potash, Inc (NYSE:IPI) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $29.10 and traded as high as $34.53. Intrepid Potash shares last traded at $31.7350, with a volume of 139,131 shares.

Analysts Set New Price Targets

A number of brokerages recently commented on IPI. UBS Group boosted their price objective on shares of Intrepid Potash from $23.00 to $24.00 and gave the company a “sell” rating in a research report on Monday, January 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Intrepid Potash in a report on Thursday, January 22nd. Wall Street Zen lowered shares of Intrepid Potash from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Zacks Research lowered Intrepid Potash from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. One equities research analyst has rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Sell” and a consensus price target of $24.00.

Intrepid Potash Stock Up 4.0%

The stock has a market cap of $442.79 million, a price-to-earnings ratio of -2.17 and a beta of 1.59. The company’s 50-day moving average is $29.67 and its 200-day moving average is $29.09.

Intrepid Potash (NYSE:IPI) last announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.02). Intrepid Potash had a negative net margin of 70.24% and a positive return on equity of 2.32%. The company had revenue of $53.22 million during the quarter, compared to analyst estimates of $49.54 million. On average, research analysts forecast that Intrepid Potash, Inc will post -0.17 earnings per share for the current year.

Hedge Funds Weigh In On Intrepid Potash

Several institutional investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Intrepid Potash by 5.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,572 shares of the basic materials company’s stock worth $193,000 after acquiring an additional 312 shares during the last quarter. Empowered Funds LLC boosted its stake in Intrepid Potash by 7.3% during the 1st quarter. Empowered Funds LLC now owns 60,623 shares of the basic materials company’s stock worth $1,782,000 after acquiring an additional 4,137 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Intrepid Potash in the 2nd quarter valued at $1,182,000. Y Intercept Hong Kong Ltd acquired a new position in Intrepid Potash in the second quarter valued at about $1,125,000. Finally, Cornerstone Investment Partners LLC acquired a new position in shares of Intrepid Potash in the 2nd quarter valued at approximately $208,000. Institutional investors own 56.13% of the company’s stock.

About Intrepid Potash

Intrepid Potash, Inc is a leading U.S.-based producer and marketer of potash and related specialty fertilizer products. The company’s primary business centers on potassium chloride, a key nutrient used in agricultural applications to enhance crop yield and quality. In addition to potash, Intrepid Potash produces magnesium chloride and sodium chloride, which serve a variety of markets including de-icing, dust control and industrial chemical production.

Intrepid Potash operates through a combination of solution mining, solar evaporation and conventional underground mining techniques.