IperionX (NASDAQ:IPX) Shares Gap Up – Still a Buy?

Shares of IperionX Limited (NASDAQ:IPX) gapped up before the market opened on Wednesday . The stock had previously closed at $27.71, but opened at $28.99. IperionX shares last traded at $29.00, with a volume of 8,226 shares.

Analysts Set New Price Targets

Separately, B. Riley initiated coverage on IperionX in a report on Thursday, October 10th. They issued a “buy” rating and a $30.00 target price for the company.

IperionX Trading Up 0.9 %

The firm’s 50-day simple moving average is $25.59 and its two-hundred day simple moving average is $19.67. The company has a current ratio of 13.62, a quick ratio of 13.61 and a debt-to-equity ratio of 0.02.

Hedge Funds Weigh In On IperionX

Hedge funds have recently bought and sold shares of the company. Ballentine Partners LLC acquired a new position in IperionX during the third quarter worth about $529,000. Symmetry Peak Management LLC purchased a new position in shares of IperionX during the 3rd quarter worth approximately $228,000. Stifel Financial Corp raised its position in shares of IperionX by 34.3% during the 3rd quarter. Stifel Financial Corp now owns 703,679 shares of the company’s stock worth $15,671,000 after purchasing an additional 179,650 shares during the last quarter. Jane Street Group LLC lifted its stake in IperionX by 134.2% in the 3rd quarter. Jane Street Group LLC now owns 26,528 shares of the company’s stock valued at $591,000 after buying an additional 15,202 shares in the last quarter. Finally, Tidal Investments LLC purchased a new stake in IperionX in the 3rd quarter valued at approximately $368,000. 2.76% of the stock is owned by hedge funds and other institutional investors.

IperionX Company Profile

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.