Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Free Report)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $8.48 and last traded at $8.47, with a volume of 634375 shares trading hands. The stock had previously closed at $9.14.
Analyst Upgrades and Downgrades
Separately, JPMorgan Chase & Co. lowered their target price on Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $17.88.
Ivanhoe Electric Trading Down 4.4%
Ivanhoe Electric (NYSEAMERICAN:IE – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.11). Ivanhoe Electric had a negative return on equity of 29.11% and a negative net margin of 3,477.73%.The company had revenue of $0.86 million during the quarter, compared to the consensus estimate of $0.90 million. On average, equities research analysts predict that Ivanhoe Electric Inc. will post 0.02 earnings per share for the current year.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Ivanhoe Electric by 3.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,657 shares of the company’s stock worth $441,000 after acquiring an additional 957 shares during the last quarter. Invesco Ltd. lifted its holdings in Ivanhoe Electric by 3.8% during the second quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock valued at $305,000 after purchasing an additional 1,247 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in Ivanhoe Electric by 1.3% during the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 119,248 shares of the company’s stock valued at $1,924,000 after purchasing an additional 1,536 shares during the last quarter. KBC Group NV bought a new position in Ivanhoe Electric during the first quarter worth about $28,000. Finally, BNP Paribas Financial Markets boosted its position in Ivanhoe Electric by 43.6% during the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after purchasing an additional 2,449 shares during the period. Hedge funds and other institutional investors own 79.05% of the company’s stock.
About Ivanhoe Electric
Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company’s portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.
Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.
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