Scotiabank Cuts Ivanhoe Electric (NYSEAMERICAN:IE) Price Target to $16.00

Key Points

• Scotiabank lowered Ivanhoe Electric’s price target from $18 to $16 while maintaining a “sector outperform” rating, implying roughly 60% upside from the prior close.
• JPMorgan also reduced its target, to $20 from $21, but kept an “overweight” rating; analysts overall maintain a “Buy” consensus with an average target of $17.33.
• Ivanhoe Electric shares opened at $9.99 and were down 3.9%, while the company reported quarterly EPS of $0.16—beating estimates—but revenue of $0.72 million fell short of expectations.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) had its price target lowered by equities researchers at Scotiabank from $18.00 to $16.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 60.16% from the company's previous close.

Separately, JPMorgan Chase & Co. cut their price objective on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ivanhoe Electric has an average rating of "Buy" and an average price target of $17.33.

Ivanhoe Electric Stock Down 3.9%

NYSEAMERICAN IE opened at $9.99 on Friday. Ivanhoe Electric has a fifty-two week low of $7.86 and a fifty-two week high of $21.55. The business has a 50 day moving average price of $10.14 and a two-hundred day moving average price of $11.36. The stock has a market cap of $1.59 billion, a PE ratio of -12.65 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.12) by $0.28. The company had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. Sell-side analysts anticipate that Ivanhoe Electric will post -0.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds have recently bought and sold shares of the company. KBC Group NV bought a new position in Ivanhoe Electric during the first quarter worth $28,000. Summit Securities Group LLC grew its stake in shares of Ivanhoe Electric by 146.5% in the first quarter. Summit Securities Group LLC now owns 6,000 shares of the company's stock worth $71,000 after purchasing an additional 18,900 shares in the last quarter. Fifth Third Bancorp acquired a new position in Ivanhoe Electric during the 1st quarter valued at about $81,000. J. Derek Lewis & Associates Inc. bought a new stake in Ivanhoe Electric during the first quarter worth approximately $118,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Ivanhoe Electric in the 2nd quarter worth $126,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

About Ivanhoe Electric

Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of copper and other critical minerals used in electrification, renewable energy and modern infrastructure. The company primarily concentrates its exploration activities in the United States.

Its principal asset is the Santa Cruz copper project in Arizona, which Ivanhoe Electric is advancing through exploration and development work. The company also holds interests in other mineral exploration properties and evaluates additional opportunities with potential to host copper, nickel, gold and related critical minerals.

Ivanhoe Electric has developed the Typhoon geophysical surveying system, a proprietary technology designed to identify subsurface mineralization by collecting and analyzing electrical data.

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