Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 7.9% – What’s Next?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) were up 7.9% during mid-day trading on Monday . The company traded as high as $5.05 and last traded at $5.12. Approximately 113,727 shares changed hands during trading, a decline of 84% from the average daily volume of 717,444 shares. The stock had previously closed at $4.74.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Scotiabank reduced their price target on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. lowered their price target on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Jefferies Financial Group reduced their price objective on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, January 6th. Finally, Raymond James set a $15.00 target price on Ivanhoe Electric and gave the company an “outperform” rating in a research note on Friday. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $13.63.

Ivanhoe Electric Price Performance

The stock has a market cap of $624.38 million, a PE ratio of -3.25 and a beta of 0.74. The business has a fifty day moving average of $6.10. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insiders Place Their Bets

In related news, CEO Joseph Taylor Melvin purchased 50,000 shares of the stock in a transaction on Friday, March 7th. The shares were bought at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 730,753 shares in the company, valued at approximately $4,209,137.28. This trade represents a 7.34 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Graham Richard Thomas Boyd acquired 5,000 shares of Ivanhoe Electric stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $5.83 per share, with a total value of $29,150.00. Following the completion of the purchase, the vice president now directly owns 11,510 shares of the company’s stock, valued at $67,103.30. The trade was a 76.80 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 75,000 shares of company stock valued at $434,350 over the last ninety days. Corporate insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors have recently made changes to their positions in the business. Intech Investment Management LLC acquired a new position in Ivanhoe Electric during the 3rd quarter valued at $162,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Ivanhoe Electric by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company’s stock worth $5,946,000 after purchasing an additional 8,023 shares during the period. The Manufacturers Life Insurance Company raised its position in shares of Ivanhoe Electric by 0.9% during the third quarter. The Manufacturers Life Insurance Company now owns 128,365 shares of the company’s stock valued at $1,086,000 after buying an additional 1,165 shares during the last quarter. State Street Corp lifted its stake in shares of 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 buying an additional 1,558,467 shares during the period. Finally, Barclays PLC grew its position in Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after buying an additional 106,288 shares in the last quarter. 79.05% of the stock is currently owned by institutional investors.

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.