IperionX (NASDAQ:IPX) Shares Up 6% – Still a Buy?

IperionX Limited Sponsored ADR (NASDAQ:IPX) was up 6% on Friday . The company traded as high as $59.14 and last traded at $59.0040. Approximately 111,448 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 151,144 shares. The stock had previously closed at $55.65.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IPX. Weiss Ratings reiterated a “sell (e+)” rating on shares of IperionX in a research report on Wednesday, October 8th. William Blair assumed coverage on shares of IperionX in a research report on Tuesday, January 13th. They issued an “outperform” rating on the stock. Roth Mkm reiterated a “buy” rating and set a $74.00 target price on shares of IperionX in a research report on Tuesday. Finally, Wall Street Zen cut shares of IperionX from a “hold” rating to a “sell” rating in a research note on Friday, October 3rd. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

IperionX Stock Performance

The business’s 50-day moving average is $37.54 and its 200 day moving average is $41.28. The company has a debt-to-equity ratio of 0.04, a current ratio of 6.99 and a quick ratio of 6.99.

Hedge Funds Weigh In On IperionX

A number of large investors have recently bought and sold shares of the stock. Thomist Capital Management LP bought a new stake in IperionX during the 2nd quarter valued at $59,384,000. Atlantic Union Bankshares Corp purchased a new position in shares of IperionX in the second quarter valued at about $220,000. GAMMA Investing LLC raised its stake in shares of IperionX by 684.4% during the second quarter. GAMMA Investing LLC now owns 957 shares of the company’s stock valued at $30,000 after acquiring an additional 835 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of IperionX during the third quarter valued at about $622,000. Finally, Van ECK Associates Corp purchased a new stake in shares of IperionX during the third quarter worth about $40,997,000. 2.76% of the stock is owned by hedge funds and other institutional investors.

About IperionX

IperionX (NASDAQ: IPX) is a mineral technology company focused on the production and commercialization of high‐purity titanium and zirconium products. The company’s core activities include the development of advanced mineral sands projects and the deployment of proprietary processing technologies aimed at supplying feedstocks to aerospace, defense, additive manufacturing and battery markets.

At the heart of IperionX’s operations is the Stony Creek Project in Virginia, where the company holds significant mineral sands rights.