Algert Global LLC Purchases New Position in Ivanhoe Electric Inc. $IE

Key Points

• Algert Global LLC acquired 52,770 shares of Ivanhoe Electric Inc., valued at approximately $307,000, according to its recent Form 13F filing with the SEC.
• Institutional investors have increased their holdings in Ivanhoe Electric, leading to a collective ownership of 79.05% of the company's stock.
• Wall Street analysts have raised the target price for Ivanhoe Electric, with JPMorgan Chase & Co. increasing it from $13.00 to $15.00 and Cantor Fitzgerald setting a target of $17.00.

Algert Global LLC bought a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 52,770 shares of the company's stock, valued at approximately $307,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC grew its holdings in shares of Ivanhoe Electric by 456.9% during the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company's stock worth $65,000 after acquiring an additional 9,119 shares during the period. Teacher Retirement System of Texas purchased a new position in shares of Ivanhoe Electric during the 1st quarter worth approximately $67,000. BNP Paribas Financial Markets purchased a new position in shares of Ivanhoe Electric during the 4th quarter worth approximately $89,000. Eagle Global Advisors LLC purchased a new position in shares of Ivanhoe Electric during the 4th quarter worth approximately $100,000. Finally, Ameriprise Financial Inc. purchased a new position in shares of Ivanhoe Electric during the 4th quarter worth approximately $104,000. Hedge funds and other institutional investors own 79.05% of the company's stock.

Insider Transactions at Ivanhoe Electric

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd sold 134,059 shares of the 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 transaction, the vice president owned 194,226 shares of the company's stock, valued at $1,732,495.92. This represents a 40.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.06% of the company's stock.

Analysts Set New Price Targets

IE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Ivanhoe Electric from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, June 30th. Cantor Fitzgerald initiated coverage on Ivanhoe Electric in a research report on Thursday, August 21st. They issued an "overweight" rating and a $17.00 price target on the stock. Scotiabank reissued an "outperform" rating on shares of Ivanhoe Electric in a research report on Tuesday, June 24th. Finally, Raymond James Financial raised Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price target on the stock in a research report on Monday, June 30th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, Ivanhoe Electric has an average rating of "Buy" and a consensus target price of $14.00.

Ivanhoe Electric Price Performance

IE stock traded up $0.03 during trading on Friday, reaching $8.92. The company's stock had a trading volume of 872,347 shares, compared to its average volume of 905,189. Ivanhoe Electric Inc. has a 1 year low of $4.50 and a 1 year high of $13.25. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $1.18 billion, a P/E ratio of -13.94 and a beta of 0.88. The company's fifty day moving average is $9.87 and its 200-day moving average is $7.59.

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.