Downside Purchased on Intrepid Potash (IPI)

Shares of Intrepid Potash Inc. IPI are lower on the session by 2.62%, currently trading at $20.10. The stock has been trading largely lower over the past four months and is now trading at a fresh 52-week low. Options traders are bracing for more downside as well. 5,518 put have traded in the name today, which represents nearly 14x the daily average. Over 86% of all those puts traded where purchases on the offer, which signals strong negative sentiment is growing on the name. Intrepid Potash, Inc., together with its subsidiaries, engages in the production and marketing of muriate of potash or potassium chloride, and langbeinite under the Trio brand name primarily in the United States. It also offers by-products, including salt, magnesium chloride, and metal recovery salts. Intrepid serves agricultural, industrial, and feed markets.