DENVER—Robert P. Jornayvaz III, a significant shareholder of Intrepid Potash, Inc. (NYSE:IPI), has sold 24,567 shares of the company’s common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $26.93, amounting to a total transaction value of $661,589. Following this sale, Jornayvaz holds 104,663 shares directly. The shares were sold in multiple transactions at prices ranging from $26.58 to $27.19. Jornayvaz is also the sole shareholder of Intrepid Production Corporation, which owns an additional 1,285,000 shares indirectly. With a market capitalization of $347 million and a strong current ratio of 4.41, the company maintains solid liquidity. For comprehensive insider trading analysis and additional financial metrics, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, Intrepid Potash reported a strong third quarter in 2024, showcasing a significant rise in adjusted EBITDA and successful project completion. The company’s adjusted EBITDA for the quarter reached $10 million, marking a $7.8 million increase from the same quarter last year. This improvement was largely due to enhanced potash production and the effective execution of strategic projects. Intrepid Potash also announced the completion of Phase 2 of the HB injection pipeline, which is expected to boost future production rates.
The company also reported a 14% year-over-year drop in the cost of goods sold per ton in the potash segment, contributing to margin improvement. In addition, Intrepid Potash anticipates a 10% to 15% increase in potash production for the upcoming year and projected cost reductions in the cost of goods sold by 20% to 30% from the 2023 level. These are among the recent developments in the company’s operations.
Intrepid Potash is also advancing discussions on a long-term lithium project and has begun permitting for a test well at the AMAX cavern. Notably, the company remains financially robust, with no long-term debt and strong liquidity. However, it is currently in the selection process for a new CEO following the departure of co-founder Bob Jornayvaz.
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