Executive Chairman, President & CEO buys Intrepid Potash shares
This evening we got alerted by our system that the Executive Chairman, President & CEO of Intrepid Potash, Inc. (ticker: IPI) bought 50,000 shares of his own company. Jornayvaz Robert P III paid an average of $2.30 per share. Earlier this year, on the 21st of March he also bought IPI shares and since then the stock price has nearly doubled. This guy certainly seems to time his insider purchases right.
We think that this is a very interesting insider buy and we picked up shares immediately. It seems that there is some serious resistance sitting at the $2.50 mark, but this insider buy could potentially push the stock through this multiple top. We are hoping to make a quick 8% profit here and we’ve set our closing order at just below $2.50. If it manages to push through the resistance at $2.50 it has large potential to go a lot of higher because there are currently a lot of people shorting this stock who will need to close their positions then.
What does Intrepid Potash, Inc. do?
Intrepid Potash, Inc. produces and sells potash and langbeinite products in the United States and internationally. It operates in two segments, Potash and Trio. The Potash segment offers muriate of potash or potassium chloride for use as a fertilizer input in the agricultural market; as a component in drilling and fracturing fluids for oil and gas wells, as well as an input to other industrial processes in the industrial market; and as a nutrient supplement in the animal feed market. The Trio segment provides Trio, a specialty fertilizer that combines potassium, sulfate, and magnesium in a single particle. The company also offers salt for use in animal feed, pool salt, road and walkway treatment, and other industrial applications; magnesium chloride for use in the deicing and dedusting of roads; salt and potassium brines for well development and completion applications in the oil and gas industry; and metal recovery salt, a combination of potash and salt to enhance the recovery of aluminum in the aluminum recycling processing facilities. Intrepid Potash, Inc. was incorporated in 2007 and is based in Denver, Colorado.