Scotiabank Forecasts Strong Price Appreciation for Ivanhoe Electric (NYSEAMERICAN:IE) Stock

Ivanhoe Electric (NYSEAMERICAN:IE) had its price target upped by Scotiabank from $12.50 to $13.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 55.78% from the stock’s current price.

A number of other brokerages have also commented on IE. JPMorgan Chase & Co. cut their target price on Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Raymond James Financial set a $15.00 price target on shares of Ivanhoe Electric and gave the company an “outperform” rating in a research report on Friday, April 4th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $12.75.

Ivanhoe Electric Trading Up 1.3%

Ivanhoe Electric stock traded up $0.11 during trading on Tuesday, reaching $8.35. The company had a trading volume of 217,425 shares, compared to its average volume of 730,913. The stock’s 50 day moving average price is $7.06 and its two-hundred day moving average price is $7.42. Ivanhoe Electric has a 12-month low of $4.50 and a 12-month high of $12.13. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.07 and a current ratio of 3.07. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -9.81 and a beta of 0.78.

Institutional Trading of Ivanhoe Electric

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Eagle Global Advisors LLC grew its holdings in Ivanhoe Electric by 19.7% during the 1st quarter. Eagle Global Advisors LLC now owns 15,800 shares of the company’s stock worth $92,000 after acquiring an additional 2,600 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Ivanhoe Electric by 6.0% in the 4th quarter. MetLife Investment Management LLC now owns 51,922 shares of the company’s stock worth $392,000 after acquiring an additional 2,948 shares during the last quarter. FNY Investment Advisers LLC boosted its position in shares of Ivanhoe Electric by 19.0% during the first quarter. FNY Investment Advisers LLC now owns 25,000 shares of the company’s stock worth $145,000 after buying an additional 4,000 shares during the period. California State Teachers Retirement System grew its stake in shares of Ivanhoe Electric by 6.5% during the fourth quarter. California State Teachers Retirement System now owns 73,530 shares of the company’s stock worth $555,000 after purchasing an additional 4,462 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Ivanhoe Electric by 7.8% during the fourth quarter. JPMorgan Chase & Co. now owns 72,196 shares of the company’s stock worth $545,000 after buying an additional 5,245 shares during the period. Hedge funds and other institutional investors own 79.05% of the company’s stock.

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.