Alyeska Investment Group L.P. Has $8.75 Million Position in Ivanhoe Electric Inc. $IE

Key Points

• Alyeska Investment Group L.P. has reduced its stock holdings in Ivanhoe Electric Inc. by 27.6%, selling 575,000 shares during the 1st quarter and now owns 1,506,096 shares valued at $8.75 million.
• Multiple research firms, including JPMorgan Chase & Co. and National Bank Financial, have upgraded their ratings on Ivanhoe Electric, with a consensus price target of $14.00.
• Insider activity shows a significant sale by VP Graham Richard Thomas Boyd, who sold 134,059 shares, resulting in a 40.84% decrease in his ownership of the company.

Alyeska Investment Group L.P. reduced its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 27.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,506,096 shares of the company's stock after selling 575,000 shares during the quarter. Alyeska Investment Group L.P. owned approximately 1.25% of Ivanhoe Electric worth $8,750,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IE. Adage Capital Partners GP L.L.C. raised its position in shares of Ivanhoe Electric by 9.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 845,978 shares of the company's stock valued at $4,915,000 after purchasing an additional 73,088 shares during the period. PDT Partners LLC grew its stake in Ivanhoe Electric by 57.0% in the 1st quarter. PDT Partners LLC now owns 117,344 shares of the company's stock valued at $682,000 after buying an additional 42,622 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Ivanhoe Electric by 41.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company's stock worth $39,692,000 after acquiring an additional 1,988,562 shares during the period. Algert Global LLC bought a new position in Ivanhoe Electric in the 1st quarter worth $307,000. Finally, Centerpoint Advisors LLC lifted its position in Ivanhoe Electric by 944.7% during the 1st quarter. Centerpoint Advisors LLC now owns 19,850 shares of the company's stock worth $115,000 after acquiring an additional 17,950 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company's stock.

Ivanhoe Electric Stock Up 0.5%

Shares of NYSEAMERICAN:IE traded up $0.04 during trading on Thursday, hitting $8.83. 682,984 shares of the company's stock traded hands, compared to its average volume of 857,141. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -13.80 and a beta of 0.88. Ivanhoe Electric Inc. has a 52 week low of $4.50 and a 52 week high of $13.25. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average price of $9.82 and a 200-day moving average price of $7.79.

Insider Activity

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $8.92, for a total value of $1,195,806.28. Following the sale, the vice president directly owned 194,226 shares in the company, valued at $1,732,495.92. The trade was a 40.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 12.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Scotiabank reaffirmed an "outperform" rating on shares of Ivanhoe Electric in a research report on Tuesday, June 24th. National Bank Financial raised Ivanhoe Electric to a "strong-buy" rating in a report on Wednesday, September 3rd. 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. Cantor Fitzgerald started coverage on 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, JPMorgan Chase & Co. boosted their target price on shares of Ivanhoe Electric from $13.00 to $15.00 and gave the stock an "overweight" rating 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. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $14.00.

Ivanhoe Electric 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.