IperionX (NASDAQ:IPX) Shares Down 6.3% – Here’s What Happened

IperionX Limited Sponsored ADR (NASDAQ:IPX) dropped 6.3% during mid-day trading on Monday . The stock traded as low as $31.31 and last traded at $30.8050. Approximately 48,607 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 234,253 shares. The stock had previously closed at $32.88.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on IPX shares. William Blair began coverage on shares of IperionX in a research report on Tuesday, January 13th. They set an “outperform” rating for the company. B. Riley Financial lowered their price objective on IperionX from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Friday, March 13th. Roth Mkm reiterated a “buy” rating and set a $74.00 target price on shares of IperionX in a research note on Tuesday, January 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of IperionX in a report on Thursday, January 22nd. Finally, BTIG Research started coverage on IperionX in a report on Friday, March 27th. They set a “buy” rating and a $40.00 price target on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.33.

IperionX Stock Down 4.9%

The company has a debt-to-equity ratio of 0.03, a current ratio of 4.03 and a quick ratio of 4.00. The business’s 50-day simple moving average is $36.33 and its 200 day simple moving average is $40.39.

IperionX (NASDAQ:IPX) last released its quarterly earnings results on Saturday, January 31st. The company reported ($0.50) earnings per share for the quarter. On average, sell-side analysts forecast that IperionX Limited Sponsored ADR will post -0.08 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of IPX. Van ECK Associates Corp purchased a new position in IperionX in the third quarter worth about $40,997,000. Millennium Management LLC bought a new position in shares of IperionX in the 4th quarter worth approximately $4,249,000. Jane Street Group LLC lifted its stake in shares of IperionX by 62.5% in the 4th quarter. Jane Street Group LLC now owns 129,020 shares of the company’s stock worth $4,669,000 after purchasing an additional 49,645 shares during the period. Bank of America Corp DE boosted its holdings in shares of IperionX by 69.0% in the second quarter. Bank of America Corp DE now owns 35,441 shares of the company’s stock worth $1,116,000 after buying an additional 14,467 shares during the last quarter. Finally, Citadel Advisors LLC bought a new stake in IperionX during the third quarter valued at approximately $622,000. 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.