JPMorgan Chase & Co. Has Lowered Expectations for Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price

Key Points

• JPMorgan cut Ivanhoe Electric’s price target from $20 to $15 while maintaining an “overweight” rating, implying roughly 55% upside from the prior close.
• Scotiabank also lowered its target to $16 but kept a “sector outperform” rating; analysts’ consensus remains a “Buy,” with an average target of $15.67.
• Shares fell to $9.68, while institutional investors own 79.05% of the company. Ivanhoe Electric recently exceeded quarterly EPS estimates but reported revenue below expectations and continues to post negative profitability metrics.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) had its price target decreased by research analysts at JPMorgan Chase & Co. from $20.00 to $15.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 55.04% from the company's previous close.

Separately, Scotiabank decreased their target price on shares of Ivanhoe Electric from $18.00 to $16.00 and set a "sector outperform" rating on the stock in a research note on Friday, September 25th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, Ivanhoe Electric currently has an average rating of "Buy" and a consensus target price of $15.67.

Ivanhoe Electric Stock Performance

IE stock traded down $0.70 during trading on Wednesday, hitting $9.68. 749,422 shares of the company traded hands, compared to its average volume of 2,121,649. The company has a 50-day moving average of $10.37 and a 200-day moving average of $11.21. Ivanhoe Electric has a 1 year low of $7.86 and a 1 year high of $21.55. The firm has a market capitalization of $1.54 billion, a PE ratio of -12.27 and a beta of 1.28.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The business had revenue of $0.72 million for the quarter, compared to analysts' expectations of $1.00 million. Sell-side analysts expect that Ivanhoe Electric will post -0.14 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of IE. BlackRock Inc. bought a new stake in shares of Ivanhoe Electric in the 2nd quarter worth approximately $146,309,000. Wellington Management Group LLP increased its stake in shares of Ivanhoe Electric by 24.2% during the second quarter. Wellington Management Group LLP now owns 7,038,087 shares of the company's stock valued at $67,636,000 after buying an additional 1,371,303 shares during the period. Alyeska Investment Group L.P. raised its holdings in shares of Ivanhoe Electric by 1.6% during the second quarter. Alyeska Investment Group L.P. now owns 6,858,654 shares of the company's stock valued at $65,912,000 after acquiring an additional 109,589 shares in the last quarter. SailingStone Capital Partners LLC raised its holdings in shares of Ivanhoe Electric by 37.6% during the second quarter. SailingStone Capital Partners LLC now owns 4,195,373 shares of the company's stock valued at $40,318,000 after acquiring an additional 1,146,899 shares in the last quarter. Finally, Primecap Management Co. CA purchased a new stake in Ivanhoe Electric in the second quarter worth $32,946,000. Institutional investors own 79.05% of the company's stock.

About Ivanhoe Electric

Ivanhoe Electric Inc is a mineral exploration and technology company focused on the discovery and development of critical mineral deposits. Its exploration activities primarily target copper, nickel, gold and other metals used in electrification, renewable energy infrastructure and advanced technologies.

The company combines conventional geological exploration with its proprietary Typhoon geophysical survey system. Typhoon is designed to identify potential mineral deposits beneath the surface by collecting large-scale electrical data, helping guide drilling and exploration decisions.

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