Ivanhoe Electric (NYSEAMERICAN:IE) Trading 10.4% Higher – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IEGet Free Report)’s stock price was up 10.4% during mid-day trading on Tuesday . The stock traded as high as $8.98 and last traded at $8.9240. Approximately 728,025 shares were traded during mid-day trading, a decline of 66% from the average session volume of 2,123,945 shares. The stock had previously closed at $8.08.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. decreased their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. One 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, the stock presently has a consensus rating of “Buy” and a consensus price target of $17.62.

View Our Latest Analysis on Ivanhoe Electric

Ivanhoe Electric Stock Down 2.7%

The firm has a 50 day moving average of $10.82 and a 200 day moving average of $13.56. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -11.28 and a beta of 1.23.

Ivanhoe Electric (NYSEAMERICAN:IEGet 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 analyst estimates of $0.90 million. Equities analysts expect that Ivanhoe Electric Inc. will post 0.02 EPS for the current year.

Institutional Trading of Ivanhoe Electric

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

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.

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