IperionX (NASDAQ:IPX) Shares Down 9.9% – Here’s What Happened

Shares of IperionX Limited Sponsored ADR (NASDAQ:IPX) fell 9.9% on Thursday . The stock traded as low as $28.44 and last traded at $28.4850. 265,976 shares changed hands during trading, an increase of 181% from the average session volume of 94,643 shares. The stock had previously closed at $31.61.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on IPX shares. Roth Capital reaffirmed a “buy” rating and set a $74.00 price target (up from $64.00) on shares of IperionX in a research note on Wednesday, October 1st. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of IperionX in a report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of IperionX from a “hold” rating to a “sell” rating in a report on Friday, October 3rd. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.00.

IperionX Stock Performance

The company has a fifty day simple moving average of $46.17 and a 200 day simple moving average of $37.42. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.04.

Institutional Investors Weigh In On IperionX

Several large investors have recently added to or reduced their stakes in IPX. Thomist Capital Management LP bought a new stake in shares of IperionX in the 2nd quarter valued at $59,384,000. Van ECK Associates Corp bought a new stake in IperionX during the third quarter worth $40,997,000. OLD Mission Capital LLC purchased a new stake in shares of IperionX in the first quarter valued at about $477,000. Jane Street Group LLC increased its stake in IperionX by 73.8% in the 2nd 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. Finally, Bank of America Corp DE lifted its holdings in IperionX by 69.0% during the second quarter. Bank of America Corp DE now owns 35,441 shares of the company’s stock worth $1,116,000 after acquiring an additional 14,467 shares during the period. Institutional investors and hedge funds 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.