Adage Capital Partners GP L.L.C. Has $5.84 Million Holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Adage Capital Partners GP L.L.C. reduced its holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 13.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 772,890 shares of the company’s stock after selling 123,088 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.64% of Ivanhoe Electric worth $5,835,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Barclays PLC increased its stake in shares of Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock valued at $1,150,000 after buying an additional 106,288 shares during the period. Kopernik Global Investors LLC lifted its stake in shares of Ivanhoe Electric by 5.4% during the fourth quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company’s stock valued at $19,307,000 after acquiring an additional 130,807 shares during the period. Legal & General Group Plc lifted its stake in shares of Ivanhoe Electric by 59.8% during the fourth quarter. Legal & General Group Plc now owns 1,323,372 shares of the company’s stock valued at $9,991,000 after acquiring an additional 495,325 shares during the period. Rhumbline Advisers lifted its stake in shares of Ivanhoe Electric by 6.5% during the fourth quarter. Rhumbline Advisers now owns 106,923 shares of the company’s stock valued at $807,000 after acquiring an additional 6,505 shares during the period. Finally, Arizona State Retirement System acquired a new position in shares of Ivanhoe Electric during the fourth quarter valued at $171,000. 79.05% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Jordan Neeser acquired 20,000 shares of Ivanhoe Electric stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the completion of the purchase, the chief financial officer now directly owns 40,000 shares of the company’s stock, valued at approximately $234,400. This represents a 100.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph Taylor Melvin acquired 50,000 shares of Ivanhoe Electric stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the purchase, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at approximately $4,209,137.28. This represents a 7.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 75,000 shares of company stock valued at $434,350 over the last three months. Insiders own 10.50% of the company’s stock.

Ivanhoe Electric Stock Up 0.6 %

IE stock opened at $6.59 on Tuesday. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average price of $6.01 and a two-hundred day moving average price of $7.63. The company has a market cap of $795.87 million, a price-to-earnings ratio of -4.14 and a beta of 0.74. Ivanhoe Electric Inc. has a twelve month low of $4.50 and a twelve month high of $12.98.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on IE shares. Jefferies Financial Group cut their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Scotiabank cut their target price on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. JPMorgan Chase & Co. cut their target price on Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Finally, Raymond James set a $15.00 target price on Ivanhoe Electric and gave the company an “outperform” rating in a research note on Friday, April 4th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $12.88.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.