Ivanhoe Electric (NYSEAMERICAN:IE) Price Target Cut to $15.00 by Analysts at JPMorgan Chase & Co.

Ivanhoe Electric (NYSEAMERICAN:IE) had its price target cut by equities researchers at JPMorgan Chase & Co. from $20.00 to $15.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 55.04% from the stock’s previous close.

Separately, Scotiabank lowered their target price on Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Friday, September 25th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $15.67.

Ivanhoe Electric Stock Performance

Shares of NYSEAMERICAN IE traded down $0.70 during midday trading on Wednesday, hitting $9.68. 749,422 shares of the company traded hands, compared to its average volume of 2,121,649. Ivanhoe Electric has a 12-month low of $7.86 and a 12-month high of $21.55. The firm has a market cap of $1.54 billion, a P/E ratio of -12.27 and a beta of 1.28. The stock has a 50-day moving average price of $10.37 and a 200 day moving average price of $11.21.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate 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, equities analysts expect that Ivanhoe Electric will post -0.14 earnings per share for the current year.

Hedge Funds Weigh In On Ivanhoe Electric

Several large investors have recently made changes to their positions in the business. KBC Group NV bought a new stake in shares of Ivanhoe Electric in the 1st quarter worth approximately $28,000. Summit Securities Group LLC increased its position in Ivanhoe Electric by 146.5% during the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock valued at $71,000 after buying an additional 18,900 shares in the last quarter. Fifth Third Bancorp purchased a new position in Ivanhoe Electric during the first quarter valued at $81,000. J. Derek Lewis & Associates Inc. purchased a new position in Ivanhoe Electric during the first quarter valued at $118,000. Finally, GSA Capital Partners LLP bought a new stake in Ivanhoe Electric in the second quarter worth $126,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

About Ivanhoe Electric

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.