Ivanhoe Electric (NYSEAMERICAN:IE) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Ivanhoe Electric (NYSEAMERICAN:IE – Free Report) had its target price lowered by JPMorgan Chase & Co. from $20.00 to $15.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, Scotiabank reduced their price objective on Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating on the stock in a research report on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating. According to data from MarketBeat, Ivanhoe Electric presently has a consensus rating of “Buy” and an average target price of $15.50.

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Ivanhoe Electric Stock Performance

NYSEAMERICAN IE opened at $10.19 on Wednesday. Ivanhoe Electric has a 52-week low of $7.86 and a 52-week high of $21.55. The company has a fifty day moving average of $10.42 and a 200-day moving average of $11.18. The company has a market capitalization of $1.63 billion, a P/E ratio of -12.90 and a beta of 1.28.

Ivanhoe Electric (NYSEAMERICAN:IE – Get Free Report) last released its earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, beating 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. As a group, analysts forecast that Ivanhoe Electric will post -0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Ivanhoe Electric

A number of institutional investors have recently made changes to their positions in IE. BlackRock Inc. bought a new stake in shares of Ivanhoe Electric in the 2nd quarter valued at about $146,309,000. Primecap Management Co. CA bought a new position in Ivanhoe Electric during the 2nd quarter worth approximately $32,946,000. MFN Partners Management LP bought a new position in Ivanhoe Electric during the 2nd quarter worth approximately $24,536,166. Legal & General Group Plc purchased a new position in Ivanhoe Electric in the 2nd quarter worth approximately $17,994,000. Finally, Wellington Management Group LLP lifted its position in Ivanhoe Electric by 24.2% in the second quarter. Wellington Management Group LLP now owns 7,038,087 shares of the company’s stock valued at $67,636,000 after purchasing an additional 1,371,303 shares during the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

About Ivanhoe Electric

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Ivanhoe Electric Inc is a mineral exploration and technology company focused on the discovery and development of critical mineral deposits. Its exploration activities primarily target copper, nickel, gold and other metals used in electrification, renewable energy infrastructure and advanced technologies.

The company combines conventional geological exploration with its proprietary Typhoon geophysical survey system. Typhoon is designed to identify potential mineral deposits beneath the surface by collecting large-scale electrical data, helping guide drilling and exploration decisions.

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