Idaho Strategic Resources Shares Drop 6.4% After Insider Sale

Idaho Strategic Resources, Inc. (NYSEAMERICAN:IDR) experienced a significant decline of 6.4% in its stock value on November 18, 2023, following the sale of shares by an insider. The stock opened at a low of $33.19 and last traded at $33.40, with approximately 270,133 shares exchanged during mid-day trading. This volume marks a notable decrease of 34% compared to the average daily trading volume of 412,278 shares. The stock had previously closed at $35.68.

The decline was triggered by a transaction involving Director Richard Scott Beaven, who sold 2,000 shares at an average price of $34.64. This sale amounted to a total transaction value of $69,280. Following this transaction, Beaven retains ownership of 11,183 shares, valued at approximately $387,379.12, reflecting a 15.17% reduction in his shareholding. The details of this transaction were disclosed in a filing with the Securities and Exchange Commission (SEC), which is publicly accessible.

Analysts’ Ratings and Company Performance

Despite the insider selling, analysts remain optimistic about Idaho Strategic Resources. On September 8, 2023, Roth Capital reaffirmed a “buy” rating for the company, with two analysts currently rating the stock as a buy. According to data from MarketBeat, the consensus rating for the company is “Buy” with a target price of $17.50.

Idaho Strategic Resources has a market capitalization of approximately $497.01 million, a price-to-earnings ratio of 45.54, and a beta of 0.72, indicating lower volatility compared to the market. The firm’s 50-day moving average stands at $34.78, while the 200-day moving average is $23.97. Additionally, the company maintains a debt-to-equity ratio of 0.02, a quick ratio of 8.34, and a current ratio of 8.55.

In its most recent earnings announcement on November 12, 2023, Idaho Strategic Resources reported earnings per share of $0.20, surpassing analysts’ expectations of $0.19 by $0.01. The company achieved a net margin of 27.82% and a return on equity of 18.60%, with quarterly revenue reported at $11.08 million, significantly above the consensus estimate of $9.40 million.

Institutional Interest in Idaho Strategic Resources

Recent activity from institutional investors reveals a growing interest in Idaho Strategic Resources. Several firms have initiated positions in the company, including the Police and Firemen’s Retirement System of New Jersey, which acquired shares valued at around $39,000 in the second quarter. Newbridge Financial Services Group Inc. purchased shares worth approximately $47,000 in the third quarter, while Russell Investments Group Ltd. acquired a stake valued at around $48,000.

AlphaQuest LLC made a significant move by increasing its position by 6,301.6% in the second quarter, ultimately owning 3,969 shares valued at $52,000. Caitlin John LLC also entered the scene by acquiring shares valued at approximately $53,000. Currently, institutional investors hold approximately 8.70% of Idaho Strategic Resources’ stock.

Idaho Strategic Resources, based in the Greater Coeur d’Alene Mining District of North Idaho, focuses on exploring and developing resources such as gold, silver, and base metals. Its portfolio includes the operational Golden Chest Mine, alongside other mineral properties and rare earth element projects.

As the market reacts to the insider sale, investors will be watching closely to see how these dynamics unfold in the coming weeks.