Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up – Here’s What Happened

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) gapped up prior to trading on Tuesday . The stock had previously closed at $5.05, but opened at $5.75. Ivanhoe Electric shares last traded at $6.04, with a volume of 486,648 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Raymond James set a $15.00 price target on shares of Ivanhoe Electric and gave the stock an “outperform” rating in a report on Friday, April 4th. Scotiabank cut their target price on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. reduced their target price on Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Finally, Jefferies Financial Group lowered their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 6th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $12.88.

Ivanhoe Electric Price Performance

The business’s 50-day simple moving average is $5.95 and its two-hundred day simple moving average is $7.74. The stock has a market cap of $743.34 million, a price-to-earnings ratio of -3.92 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Insider Buying and Selling

In related news, CFO Jordan Neeser bought 20,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was acquired at an average cost of $5.86 per share, with a total value of $117,200.00. Following the transaction, the chief financial officer now directly owns 40,000 shares in the company, valued at approximately $234,400. This trade represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Graham Richard Thomas Boyd bought 5,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $5.83 per share, for a total transaction of $29,150.00. Following the completion of the acquisition, the vice president now directly owns 11,510 shares in the company, valued at approximately $67,103.30. This trade represents a 76.80 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 75,000 shares of company stock worth $434,350 in the last 90 days. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its position 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 acquiring an additional 106,288 shares in the last quarter. State Street Corp increased its holdings in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after purchasing an additional 1,558,467 shares in the last quarter. Arizona State Retirement System acquired a new position in Ivanhoe Electric in the fourth quarter valued at approximately $171,000. Rhumbline Advisers boosted its holdings in shares of Ivanhoe Electric by 6.5% during the 4th quarter. Rhumbline Advisers now owns 106,923 shares of the company’s stock worth $807,000 after buying an additional 6,505 shares in the last quarter. Finally, Kopernik Global Investors LLC grew its position in shares of Ivanhoe Electric by 5.4% during the 4th quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company’s stock worth $19,307,000 after buying an additional 130,807 shares during the period. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Company Profile

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.