Intrepid Potash (NYSE:IPI) Shares Gap Down – Here’s What Happened

Shares of Intrepid Potash, Inc (NYSE:IPI) gapped down prior to trading on Monday . The stock had previously closed at $45.26, but opened at $43.38. Intrepid Potash shares last traded at $41.44, with a volume of 207,236 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on IPI shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Intrepid Potash in a report on Thursday, January 22nd. UBS Group upped their price objective on Intrepid Potash from $24.00 to $25.00 and gave the company a “sell” rating in a research note on Thursday, March 5th. One investment analyst has rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Sell” and an average price target of $25.00.

Intrepid Potash Stock Performance

The stock has a market capitalization of $558.14 million, a price-to-earnings ratio of 49.18 and a beta of 1.52. The business has a fifty day simple moving average of $34.60 and a 200 day simple moving average of $30.06.

Intrepid Potash (NYSE:IPI) last posted its earnings results on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.23. The company had revenue of $75.88 million during the quarter, compared to the consensus estimate of $65.25 million. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%. On average, sell-side analysts forecast that Intrepid Potash, Inc will post -0.17 earnings per share for the current fiscal year.

Institutional Trading of Intrepid Potash

Hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP grew its position in shares of Intrepid Potash by 350.2% during the 3rd quarter. GSA Capital Partners LLP now owns 86,945 shares of the basic materials company’s stock worth $2,659,000 after purchasing an additional 67,631 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Intrepid Potash by 24.7% during the second quarter. American Century Companies Inc. now owns 230,113 shares of the basic materials company’s stock worth $8,222,000 after purchasing an additional 45,577 shares during the period. Squarepoint Ops LLC raised its position in shares of Intrepid Potash by 266.3% in the second quarter. Squarepoint Ops LLC now owns 56,389 shares of the basic materials company’s stock valued at $2,015,000 after buying an additional 40,994 shares in the last quarter. Azarias Capital Management L.P. boosted its stake in shares of Intrepid Potash by 64.9% in the third quarter. Azarias Capital Management L.P. now owns 259,788 shares of the basic materials company’s stock valued at $7,944,000 after buying an additional 102,266 shares during the period. Finally, Brandywine Global Investment Management LLC boosted its stake in shares of Intrepid Potash by 20.3% in the second quarter. Brandywine Global Investment Management LLC now owns 57,890 shares of the basic materials company’s stock valued at $2,068,000 after buying an additional 9,750 shares during the period. Institutional investors and hedge funds own 56.13% of the company’s stock.

Intrepid Potash Company Profile

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.