Intrepid Potash, Inc. (NYSE:IPI) Short Interest Update

Intrepid Potash, Inc. (NYSE:IPI) was the target of a significant increase in short interest in December. As of December 31st, there was short interest totalling 241,100 shares, an increase of 7.4% from the December 15th total of 224,400 shares. Based on an average daily volume of 95,700 shares, the days-to-cover ratio is currently 2.5 days. Currently, 2.4% of the company’s shares are short sold.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. StockNews.com upgraded Intrepid Potash from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. UBS Group boosted their price objective on Intrepid Potash from $18.00 to $19.00 and gave the company a “sell” rating in a report on Tuesday, November 5th.

Intrepid Potash Trading Down 0.9 %

Shares of NYSE:IPI traded down $0.24 during mid-day trading on Monday, hitting $26.50. 83,142 shares of the company traded hands, compared to its average volume of 85,305. The stock has a market cap of $348.71 million, a P/E ratio of -7.91 and a beta of 2.23. Intrepid Potash has a 12-month low of $17.52 and a 12-month high of $29.75. The stock has a 50-day moving average price of $25.06 and a two-hundred day moving average price of $24.48.

Intrepid Potash (NYSE:IPI) last announced its earnings results on Monday, November 4th. The basic materials company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by ($0.25). The company had revenue of $57.55 million for the quarter, compared to analysts’ expectations of $42.57 million. Intrepid Potash had a negative net margin of 16.86% and a negative return on equity of 1.32%. During the same period in the previous year, the firm earned ($0.53) EPS. As a group, analysts expect that Intrepid Potash will post -0.17 earnings per share for the current year.

Insiders Place Their Bets

In other Intrepid Potash news, major shareholder Robert P. Jornayvaz III sold 30,000 shares of Intrepid Potash stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $29.00, for a total value of $870,000.00. Following the completion of the sale, the insider now directly owns 1,444,513 shares in the company, valued at approximately $41,890,877. The trade was a 2.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 401,097 shares of company stock worth $10,189,635. 18.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Intrepid Potash

Several large investors have recently made changes to their positions in IPI. Geode Capital Management LLC increased its holdings in Intrepid Potash by 0.8% during the third quarter. Geode Capital Management LLC now owns 231,594 shares of the basic materials company’s stock worth $5,560,000 after buying an additional 1,732 shares during the last quarter. Glenorchy Capital Ltd increased its holdings in Intrepid Potash by 95.7% during the third quarter. Glenorchy Capital Ltd now owns 62,214 shares of the basic materials company’s stock worth $1,493,000 after buying an additional 30,425 shares during the last quarter. Pinnacle Associates Ltd. purchased a new stake in Intrepid Potash during the third quarter worth about $3,100,000. The Manufacturers Life Insurance Company purchased a new stake in Intrepid Potash during the third quarter worth about $602,000. Finally, State Street Corp increased its holdings in Intrepid Potash by 0.6% during the third quarter. State Street Corp now owns 227,169 shares of the basic materials company’s stock worth $5,452,000 after buying an additional 1,402 shares during the last quarter. 56.13% of the stock is owned by hedge funds and other institutional investors.

Intrepid Potash Company Profile

Intrepid Potash, Inc, together with its subsidiaries, engages in the extraction and production of the potash in the United States and internationally. It operates through three segments: Potash, Trio, and Oilfield Solutions. The company offers muriate of potash for various markets, such as agricultural market as a fertilizer input; the industrial market as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes; and the animal feed market as a nutrient supplement.