Intrepid Potash, Inc (NYSE:IPI) Short Interest Down 16.6% in April
by Renee Jackson · The Cerbat GemIntrepid Potash, Inc (NYSE:IPI – Get Free Report) saw a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 309,968 shares, a decrease of 16.6% from the March 31st total of 371,457 shares. Approximately 2.4% of the shares of the stock are short sold. Based on an average daily volume of 338,331 shares, the short-interest ratio is presently 0.9 days.
Institutional Trading of Intrepid Potash
A number of institutional investors have recently made changes to their positions in IPI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 buying an additional 312 shares during the period. Empowered Funds LLC grew its holdings in Intrepid Potash by 7.3% in 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. Legal & General Group Plc increased its position in shares of Intrepid Potash by 123.0% in the second quarter. Legal & General Group Plc now owns 2,112 shares of the basic materials company’s stock valued at $75,000 after acquiring an additional 1,165 shares during the period. Quantbot Technologies LP purchased a new position in shares of Intrepid Potash in the second quarter valued at about $420,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Intrepid Potash during the second quarter valued at about $3,441,000. Hedge funds and other institutional investors own 56.13% of the company’s stock.
Intrepid Potash Trading Up 0.4%
Shares of NYSE:IPI traded up $0.14 on Friday, reaching $39.71. 191,304 shares of the company traded hands, compared to its average volume of 269,268. The stock has a market capitalization of $533.48 million, a P/E ratio of 46.72 and a beta of 1.25. The business’s 50-day simple moving average is $39.48 and its 200 day simple moving average is $32.51. Intrepid Potash has a 52 week low of $22.55 and a 52 week high of $50.34.
Intrepid Potash (NYSE:IPI – Get Free Report) last released its earnings results on Wednesday, March 4th. The basic materials company reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.23. Intrepid Potash had a return on equity of 3.93% and a net margin of 3.75%.The company had revenue of $75.88 million during the quarter, compared to analyst estimates of $65.25 million. Sell-side analysts expect that Intrepid Potash will post 1.14 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
IPI has been the subject of several research analyst reports. UBS Group lifted their target price on shares of Intrepid Potash from $24.00 to $25.00 and gave the company a “sell” rating in a research report on Thursday, March 5th. Weiss Ratings reissued a “sell (d-)” rating on shares of Intrepid Potash in a report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Intrepid Potash presently has an average rating of “Sell” and an average target price of $25.00.
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.