Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 5.8%

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Rating) dropped 5.8% during mid-day trading on Wednesday . The company traded as low as $11.71 and last traded at $11.84. Approximately 29,211 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 406,796 shares. The stock had previously closed at $12.57.

Analyst Upgrades and Downgrades

IE has been the topic of a number of recent research reports. Raymond James raised their target price on Ivanhoe Electric from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, February 15th. BMO Capital Markets lifted their target price on Ivanhoe Electric from $15.00 to $18.00 and gave the stock an “outperform” rating in a report on Wednesday, February 15th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.70.

Ivanhoe Electric Price Performance

The company has a quick ratio of 6.48, a current ratio of 6.82 and a debt-to-equity ratio of 0.16.

Ivanhoe Electric (NYSEAMERICAN:IE – Get Rating) last issued its quarterly earnings results on Tuesday, March 14th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.19) by ($0.22). The business had revenue of $0.27 million during the quarter, compared to the consensus estimate of $1.50 million. Ivanhoe Electric had a negative return on equity of 44.13% and a negative net margin of 4,217.06%. On average, analysts anticipate that Ivanhoe Electric Inc. will post -0.82 EPS for the current fiscal year.

Insider Activity

In other news, VP Evan James Macmillan Young sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $13.48, for a total transaction of $674,000.00. Following the sale, the vice president now directly owns 2,500 shares in the company, valued at $33,700. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Ivanhoe Electric news, VP Evan James Macmillan Young sold 50,000 shares of the company’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $13.48, for a total value of $674,000.00. Following the sale, the vice president now directly owns 2,500 shares in the company, valued at $33,700. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Mark Andrew Stuart Gibson sold 5,000 shares of the company’s stock in a transaction on Friday, March 24th. The shares were sold at an average price of $10.81, for a total value of $54,050.00. Following the completion of the sale, the chief operating officer now owns 334,761 shares in the company, valued at $3,618,766.41. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 60,000 shares of company stock worth $785,600. Company insiders own 14.10% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently bought and sold shares of IE. Orion Resource Partners USA LP acquired a new position in Ivanhoe Electric in the fourth quarter worth $90,238,000. BlackRock Inc. lifted its stake in shares of Ivanhoe Electric by 69.8% during the first quarter. BlackRock Inc. now owns 4,273,935 shares of the company’s stock valued at $51,928,000 after acquiring an additional 1,757,571 shares during the period. Kopernik Global Investors LLC acquired a new position in shares of Ivanhoe Electric during the third quarter valued at $9,176,000. Ontario Teachers Pension Plan Board acquired a new position in shares of Ivanhoe Electric during the third quarter valued at $7,916,000. Finally, ETF Managers Group LLC acquired a new position in shares of Ivanhoe Electric during the first quarter valued at $10,829,000. Institutional investors and hedge funds own 27.67% of the company’s stock.

Ivanhoe Electric Company Profile

(Get Rating)

Ivanhoe Electric Inc operates as a mineral exploration and development company in the United States. It operates through Critical Metals, Technology, and Energy Storage. The company holds 84.6% interests in the Tintic copper-gold project covering an area of 65 square kilometers located in Utah. It also holds an option to acquire a 100% interest in the Santa Cruz copper project covering an area of 77.59 square kilometers located in Arizona; 75% interest in the Hog Heaven silver-gold-copper project covering an area of 24.2 square kilometers located in Montana; and 60% interest in the Ivory Coast project covering an area of 1,125 square kilometers located in the Ivory Coast.