Adage Capital Partners GP L.L.C. Has $5.84 Million Stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Adage Capital Partners GP L.L.C. trimmed its stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 13.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 772,890 shares of the company's stock after selling 123,088 shares during the quarter. Adage Capital Partners GP L.L.C. owned approximately 0.64% of Ivanhoe Electric worth $5,835,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Ivanhoe Electric by 13.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company's stock worth $36,566,000 after purchasing an additional 589,456 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Ivanhoe Electric by 59.8% during the fourth quarter. Legal & General Group Plc now owns 1,323,372 shares of the company's stock worth $9,991,000 after purchasing an additional 495,325 shares during the period. Kopernik Global Investors LLC lifted its position in shares of Ivanhoe Electric by 5.4% in 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 last quarter. Barclays PLC boosted its holdings in shares of Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company's stock valued at $1,150,000 after buying an additional 106,288 shares during the period. Finally, ExodusPoint Capital Management LP bought a new stake in shares of Ivanhoe Electric during the 4th quarter valued at about $633,000. 79.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on IE. Raymond James set a $15.00 target price on Ivanhoe Electric and gave the company an "outperform" rating in a research note on Friday, April 4th. Jefferies Financial Group reduced their target price on shares of Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. dropped their price target 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. Finally, Scotiabank reduced their price objective on 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. One research 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $12.88.

Insider Activity

In related news, CFO Jordan Neeser bought 20,000 shares of the firm's stock in a transaction on Wednesday, March 5th. The stock was bought at an average price of $5.86 per share, with a total value of $117,200.00. Following the purchase, the chief financial officer now directly owns 40,000 shares of the company's stock, valued at approximately $234,400. This represents a 100.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph Taylor Melvin acquired 50,000 shares of Ivanhoe Electric stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $5.76 per share, with a total value of $288,000.00. Following the transaction, the chief executive officer now owns 730,753 shares of the company's stock, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 75,000 shares of company stock worth $434,350. 10.50% of the stock is owned by corporate insiders.

Ivanhoe Electric Trading Up 2.8 %

IE stock traded up $0.17 during mid-day trading on Friday, reaching $6.33. 560,937 shares of the stock traded hands, compared to its average volume of 756,829. Ivanhoe Electric Inc. has a 52-week low of $4.50 and a 52-week high of $12.98. The stock's fifty day moving average is $6.02 and its 200-day moving average is $7.58. The company has a market cap of $764.47 million, a P/E 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.

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.