Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 7.3% – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IEGet Free Report) shares traded down 7.3% during trading on Thursday . The company traded as low as $13.83 and last traded at $13.8420. 640,971 shares changed hands during trading, a decline of 69% from the average session volume of 2,062,699 shares. The stock had previously closed at $14.94.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. cut their price objective on Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $17.88.

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Ivanhoe Electric Trading Down 7.6%

The stock’s 50-day moving average price is $13.16 and its two-hundred day moving average price is $14.76. The stock has a market capitalization of $2.19 billion, a P/E ratio of -17.04 and a beta of 1.16.

Insider Buying and Selling at Ivanhoe Electric

In other Ivanhoe Electric news, SVP Glen Nickolas Kuntz sold 14,863 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $13.20, for a total value of $196,191.60. Following the completion of the sale, the senior vice president directly owned 32,768 shares of the company’s stock, valued at $432,537.60. This trade represents a 31.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Graham Richard Thomas Boyd sold 11,147 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $13.20, for a total value of $147,140.40. Following the completion of the sale, the vice president owned 183,079 shares in the company, valued at approximately $2,416,642.80. The trade was a 5.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 183,912 shares of company stock valued at $2,831,321 in the last quarter. Insiders own 12.06% of the company’s stock.

Institutional Investors Weigh In On Ivanhoe Electric

Institutional investors have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD boosted its position in Ivanhoe Electric by 114.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after purchasing an additional 6,761,857 shares during the period. Alyeska Investment Group L.P. raised its position in shares of Ivanhoe Electric by 259.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock valued at $120,686,000 after purchasing an additional 5,451,646 shares during the period. Wellington Management Group LLP lifted its stake in shares of Ivanhoe Electric by 308.8% during the 4th quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company’s stock valued at $47,496,000 after buying an additional 2,245,110 shares in the last quarter. FIL Ltd bought a new position in Ivanhoe Electric in the 4th quarter worth approximately $23,970,000. Finally, Potrero Capital Research LLC bought a new position in Ivanhoe Electric in the 3rd quarter worth approximately $17,381,000. 79.05% of the stock is owned by hedge funds and other institutional investors.

About Ivanhoe Electric

(Get Free Report)

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.

Further Reading

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