Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Free Report) dropped 6.2% during trading on Wednesday. The company traded as low as $10.05 and last traded at $9.9850. Approximately 1,406,767 shares traded hands during trading, a decline of 34% from the average session volume of 2,132,149 shares. The stock had previously closed at $10.64.
Analyst Ratings Changes
IE has been the subject of a number of recent research reports. Scotiabank lowered their price objective on shares of Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating for the company in a report on Friday, September 25th. JPMorgan Chase & Co. decreased their target price on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $17.33.
View Our Latest Stock Report on Ivanhoe Electric
Ivanhoe Electric Trading Down 6.2%
Ivanhoe Electric (NYSEAMERICAN:IE – Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The business had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $1.00 million. On average, equities analysts expect that Ivanhoe Electric Inc. will post -0.14 EPS for the current fiscal year.
Institutional Investors Weigh In On Ivanhoe Electric
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IE. KBC Group NV purchased a new stake in Ivanhoe Electric during the 1st quarter valued at $28,000. Summit Securities Group LLC increased its position in shares of Ivanhoe Electric by 146.5% in the first quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock valued at $71,000 after acquiring an additional 18,900 shares during the period. Fifth Third Bancorp purchased a new position in shares of Ivanhoe Electric in the first quarter valued at about $81,000. J. Derek Lewis & Associates Inc. bought a new position in shares of Ivanhoe Electric during the first quarter valued at about $118,000. Finally, GSA Capital Partners LLP bought a new position in shares of Ivanhoe Electric during the second quarter valued at about $126,000. 79.05% of the stock is currently owned by institutional investors.
Ivanhoe Electric Company Profile
Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of copper and other critical minerals used in electrification, renewable energy and modern infrastructure. The company primarily concentrates its exploration activities in the United States.
Its principal asset is the Santa Cruz copper project in Arizona, which Ivanhoe Electric is advancing through exploration and development work. The company also holds interests in other mineral exploration properties and evaluates additional opportunities with potential to host copper, nickel, gold and related critical minerals.
Ivanhoe Electric has developed the Typhoon geophysical surveying system, a proprietary technology designed to identify subsurface mineralization by collecting and analyzing electrical data.
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