Balyasny Asset Management L.P. Acquires Shares of 95,603 Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Balyasny Asset Management L.P. acquired a new position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 95,603 shares of the company's stock, valued at approximately $722,000. Balyasny Asset Management L.P. owned 0.08% of Ivanhoe Electric at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in Ivanhoe Electric during the fourth quarter worth $80,000. BNP Paribas Financial Markets purchased a new position in Ivanhoe Electric during the fourth quarter valued at $89,000. KLP Kapitalforvaltning AS purchased a new position in Ivanhoe Electric during the fourth quarter valued at $103,000. Ameriprise Financial Inc. purchased a new position in Ivanhoe Electric during the fourth quarter valued at $104,000. Finally, Dimensional Fund Advisors LP purchased a new position in Ivanhoe Electric during the fourth quarter valued at $146,000. Institutional investors and hedge funds own 79.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased 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. Raymond James set a $15.00 price objective on shares of Ivanhoe Electric and gave the stock an "outperform" rating in a research report on Friday, April 4th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $12.88.

Insider Buying and Selling at Ivanhoe Electric

In other news, CEO Joseph Taylor Melvin bought 50,000 shares of Ivanhoe Electric stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $5.76 per share, for a total transaction of $288,000.00. Following the acquisition, the chief executive officer now owns 730,753 shares in the company, valued at approximately $4,209,137.28. This trade represents a 7.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Jordan Neeser bought 20,000 shares of Ivanhoe Electric stock in a transaction on Wednesday, March 5th. The stock was purchased at an average price of $5.86 per share, for a total transaction of $117,200.00. Following the completion of the acquisition, the chief financial officer now owns 40,000 shares in the company, 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 three months, insiders have bought 75,000 shares of company stock valued at $434,350. 10.50% of the stock is owned by company insiders.

Ivanhoe Electric Stock Performance

Shares of Ivanhoe Electric stock traded up $0.02 during trading on Tuesday, reaching $6.77. The company's stock had a trading volume of 53,899 shares, compared to its average volume of 763,768. The company has a 50-day moving average price of $6.15 and a two-hundred day moving average price of $7.47. The firm has a market cap of $817.01 million, a PE ratio of -4.25 and a beta of 0.74. Ivanhoe Electric Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $12.48. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

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.