Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Short Interest Update

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the target of a large drop in short interest in the month of December. As of December 31st, there was short interest totalling 7,450,000 shares, a drop of 7.3% from the December 15th total of 8,040,000 shares. Based on an average daily volume of 532,500 shares, the days-to-cover ratio is presently 14.0 days. Currently, 10.2% of the company’s stock are short sold.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday. Jefferies Financial Group cut their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Scotiabank decreased their price target on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a report on Monday, January 6th. Finally, Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in Ivanhoe Electric by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock worth $566,000 after acquiring an additional 1,643 shares during the period. Tidal Investments LLC increased its stake in shares of Ivanhoe Electric by 14.5% during the 3rd quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock worth $3,098,000 after purchasing an additional 46,345 shares during the last quarter. Barclays PLC raised its holdings in shares of Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after purchasing an additional 106,288 shares during the period. Vestcor Inc lifted its stake in Ivanhoe Electric by 11.6% in the third quarter. Vestcor Inc now owns 247,981 shares of the company’s stock valued at $2,098,000 after purchasing an additional 25,700 shares during the last quarter. Finally, State Street Corp lifted its stake in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock valued at $27,132,000 after purchasing an additional 1,558,467 shares during the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Performance

Shares of IE stock traded down $0.18 during trading on Friday, hitting $6.71. The company’s stock had a trading volume of 363,684 shares, compared to its average volume of 426,179. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market cap of $808.29 million, a PE ratio of -4.22 and a beta of 0.78. Ivanhoe Electric has a 52 week low of $6.31 and a 52 week high of $12.98.

About Ivanhoe Electric

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.