Alyeska Investment Group L.P. Increases Position in Ivanhoe Electric Inc. $IE

Key Points

• Alyeska Investment Group increased its Ivanhoe Electric position by 1.6% to 6.86 million shares, worth approximately $65.9 million and representing a 4.3% stake. Institutional investors collectively own 79.05% of the company.
• Analysts maintain a favorable outlook, with one Strong Buy and three Buy ratings, an average price target of $17.83, and JPMorgan’s target revised down modestly from $21 to $20.
• Ivanhoe Electric reported quarterly EPS of $0.16, beating the expected loss of $0.12, although revenue of $0.72 million missed estimates and the company continues to post negative profitability metrics.

Alyeska Investment Group L.P. lifted its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 1.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,858,654 shares of the company's stock after buying an additional 109,589 shares during the quarter. Alyeska Investment Group L.P. owned approximately 4.30% of Ivanhoe Electric worth $65,912,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Ivanhoe Electric by 24.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company's stock worth $813,000 after buying an additional 17,896 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Ivanhoe Electric by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company's stock valued at $1,100,000 after buying an additional 8,622 shares during the last quarter. Invesco Ltd. grew its stake in Ivanhoe Electric by 3.8% in the second quarter. Invesco Ltd. now owns 33,674 shares of the company's stock worth $305,000 after purchasing an additional 1,247 shares in the last quarter. Sei Investments Co. boosted its holdings in Ivanhoe Electric by 33.6% in the second quarter. Sei Investments Co. now owns 112,690 shares of the company's stock worth $1,022,000 after purchasing an additional 28,318 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Ivanhoe Electric by 42.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company's stock valued at $12,273,000 after acquiring an additional 378,760 shares during the period. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. decreased their price objective on Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $17.83.

Ivanhoe Electric Price Performance

NYSEAMERICAN IE opened at $11.19 on Monday. The company has a market capitalization of $1.79 billion, a P/E ratio of -14.16 and a beta of 1.24. Ivanhoe Electric Inc. has a 12 month low of $7.86 and a 12 month high of $21.55. The company's 50 day simple moving average is $9.85 and its 200 day simple moving average is $12.13.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last released its quarterly earnings data on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.28. The business had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. On average, analysts anticipate that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Ivanhoe Electric Company Profile

Ivanhoe Electric NYSEAMERICAN: IE is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company's portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.

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