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DENVER—Robert P. Jornayvaz III, a significant shareholder of Intrepid Potash, Inc. (NYSE:IPI), recently executed the sale of company stock worth approximately $1.12 million in a company currently valued at $332 million. The transactions, filed with the Securities and Exchange Commission, were completed on January 28 and 29. According to InvestingPro data, the stock has shown strong momentum with a 23% gain year-to-date, though investors should note the stock’s historically high volatility.
Jornayvaz sold a total of 42,076 shares over two days. On January 28, he sold 14,592 shares at a weighted average price of $26.54 per share, with prices ranging from $26.50 to $26.69. The following day, he sold an additional 27,484 shares at a weighted average price of $26.78, with transaction prices ranging from $26.07 to $27.04. The company maintains a strong liquidity position with a current ratio of 4.41, indicating robust short-term financial health.
Following these transactions, Jornayvaz holds 56,987 shares directly. Additionally, he has indirect ownership of 1,285,000 shares through Intrepid Production Corporation, where he is the sole shareholder. For deeper insights into insider trading patterns and comprehensive financial analysis, access the full IPI research report on InvestingPro, where you’ll find 7 additional exclusive ProTips and detailed valuation metrics.
In other recent news, Intrepid Potash Inc . reported a robust third quarter in 2024, with a significant rise in adjusted EBITDA and successful project completion. The company’s adjusted EBITDA for Q3 2024 stood at $10 million, a $7.8 million improvement from Q3 2023, due to enhanced potash production and strategic project execution. Intrepid Potash also reported the completion of Phase 2 of the HB injection pipeline, which is expected to boost future production rates.
The company’s potash production reached 178,000 tons for the first nine months, with full-year projections of 280,000 to 290,000 tons. In addition, the potash segment cost of goods sold per ton dropped by 14% year-over-year, aiding margin improvement. Intrepid Potash also announced the advancement of new projects, including a long-term lithium venture.
In terms of leadership, the company is currently in the selection process for a new CEO following the departure of co-founder Bob Jornayvaz. Looking forward, the company remains financially robust, with no long-term debt and strong liquidity. These are all recent developments that highlight the company’s strong performance and strategic advancements.
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