Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 7.3% – Should You Sell?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) fell 7.3% on Thursday . The stock 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 target 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 analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat.com, Ivanhoe Electric has an average rating of “Buy” and a consensus target price of $17.88.

Ivanhoe Electric Stock Down 7.5%

The company has a market cap of $2.02 billion, a price-to-earnings ratio of -15.75 and a beta of 1.16. The firm has a 50-day simple moving average of $13.06 and a 200 day simple moving average of $14.73.

Insider Activity at Ivanhoe Electric

In other news, VP Graham Richard Thomas Boyd sold 11,147 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $13.20, for a total value of $147,140.40. Following the transaction, the vice president owned 183,079 shares of the company’s stock, valued at approximately $2,416,642.80. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Cassandra Pulskamp Joseph sold 123,074 shares of the business’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $16.48, for a total value of $2,028,259.52. Following the completion of the transaction, the insider directly owned 51,370 shares in the company, valued at approximately $846,577.60. The trade was a 70.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 183,912 shares of company stock valued at $2,831,321 over the last 90 days. 12.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IE. Price T Rowe Associates Inc. MD increased its holdings in shares of Ivanhoe Electric by 114.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock valued at $202,493,000 after purchasing an additional 6,761,857 shares during the period. Alyeska Investment Group L.P. increased its holdings 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 increased its holdings in shares of Ivanhoe Electric by 308.8% in the fourth quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company’s stock valued at $47,496,000 after purchasing an additional 2,245,110 shares during the period. FIL Ltd acquired a new position in shares of Ivanhoe Electric in the fourth quarter valued at approximately $23,970,000. Finally, Potrero Capital Research LLC acquired a new position in shares of Ivanhoe Electric in the third quarter valued at approximately $17,381,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

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.