EdgePoint Investment Group Inc. bought a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 737,289 shares of the company's stock, valued at approximately $4,284,000. EdgePoint Investment Group Inc. owned approximately 0.61% of Ivanhoe Electric at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in IE. Price T Rowe Associates Inc. MD grew its position in Ivanhoe Electric by 41.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company's stock valued at $39,692,000 after purchasing an additional 1,988,562 shares in the last quarter. Vanguard Group Inc. grew its position in Ivanhoe Electric by 10.7% in the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company's stock valued at $29,851,000 after purchasing an additional 496,058 shares in the last quarter. Vestcor Inc grew its position in Ivanhoe Electric by 191.5% in the first quarter. Vestcor Inc now owns 722,781 shares of the company's stock valued at $4,199,000 after purchasing an additional 474,800 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Ivanhoe Electric by 78.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 917,272 shares of the company's stock valued at $6,995,000 after purchasing an additional 402,879 shares in the last quarter. Finally, Nuveen LLC bought a new position in Ivanhoe Electric in the first quarter valued at $1,032,000. Institutional investors own 79.05% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Scotiabank reissued an "outperform" rating on shares of Ivanhoe Electric in a research report on Tuesday, June 24th. JPMorgan Chase & Co. lifted their price objective on shares of Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. National Bankshares assumed coverage on shares of Ivanhoe Electric in a research report on Wednesday. They issued an "outperform" rating for the company. Cantor Fitzgerald assumed coverage on shares of Ivanhoe Electric in a research report on Thursday, August 21st. They issued an "overweight" rating and a $17.00 price objective for the company. Finally, Raymond James Financial raised shares of Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price objective for the company in a research report on Monday, June 30th. Two analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $14.00.
Read Our Latest Report on IE
Insider Transactions at Ivanhoe Electric
In related news, VP Graham Richard Thomas Boyd sold 134,059 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the completion of the sale, the vice president owned 194,226 shares in the company, valued at approximately $1,732,495.92. This trade represents a 40.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 12.06% of the company's stock.
Ivanhoe Electric Stock Down 0.6%
Shares of IE stock traded down $0.05 on Monday, hitting $8.87. The stock had a trading volume of 765,367 shares, compared to its average volume of 947,283. The business has a 50 day moving average of $9.84 and a 200 day moving average of $7.72. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -13.86 and a beta of 0.88. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.84 and a quick ratio of 3.84. Ivanhoe Electric Inc. has a 12-month low of $4.50 and a 12-month high of $13.25.
Ivanhoe Electric Profile
(
Free Report)
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.
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