Adage Capital Partners GP L.L.C. Sells 123,088 Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Adage Capital Partners GP L.L.C. cut its holdings in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 13.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 772,890 shares of the company's stock after selling 123,088 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.64% of Ivanhoe Electric worth $5,835,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of IE. JPMorgan Chase & Co. boosted its stake in Ivanhoe Electric by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company's stock valued at $566,000 after acquiring an additional 1,643 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Ivanhoe Electric by 6.0% during the fourth quarter. MetLife Investment Management LLC now owns 51,922 shares of the company's stock worth $392,000 after purchasing an additional 2,948 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Ivanhoe Electric by 0.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 708,406 shares of the company's stock worth $5,348,000 after purchasing an additional 5,535 shares in the last quarter. Bank of Montreal Can increased its holdings in Ivanhoe Electric by 22.4% in the fourth quarter. Bank of Montreal Can now owns 33,743 shares of the company's stock valued at $255,000 after buying an additional 6,177 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Ivanhoe Electric by 6.5% during the fourth quarter. Rhumbline Advisers now owns 106,923 shares of the company's stock valued at $807,000 after buying an additional 6,505 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

Ivanhoe Electric Trading Up 2.8 %

Shares of Ivanhoe Electric stock traded up $0.17 on Friday, reaching $6.33. 560,937 shares of the company were exchanged, compared to its average volume of 756,829. Ivanhoe Electric Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $12.98. The firm has a market capitalization of $764.47 million, a price-to-earnings ratio of -3.98 and a beta of 0.74. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average price of $6.02 and a 200-day moving average price of $7.58.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on IE shares. JPMorgan Chase & Co. dropped their price objective on shares of Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Raymond James set a $15.00 price target on Ivanhoe Electric and gave the stock an "outperform" rating in a report on Friday, April 4th. 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 report on Monday, January 6th. Finally, Scotiabank dropped their target price on Ivanhoe Electric from $14.00 to $13.50 and set a "sector outperform" rating on the stock in a research report on Monday, January 6th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $12.88.

Insider Activity at Ivanhoe Electric

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

About Ivanhoe Electric

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.