Bank of America Corp DE acquired a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 761,443 shares of the company's stock, valued at approximately $7,317,000. Bank of America Corp DE owned about 0.48% of Ivanhoe Electric at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Goehring & Rozencwajg Associates LLC boosted its position in shares of Ivanhoe Electric by 18.3% during the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,115,009 shares of the company's stock worth $24,999,000 after purchasing an additional 327,112 shares during the period. Invst LLC acquired a new stake in Ivanhoe Electric in the 2nd quarter valued at approximately $1,276,000. MFN Partners Management LP purchased a new stake in Ivanhoe Electric in the second quarter valued at approximately $24,536,166. Kopernik Global Investors LLC raised its position in Ivanhoe Electric by 316.1% in the first quarter. Kopernik Global Investors LLC now owns 1,784,170 shares of the company's stock valued at $21,089,000 after purchasing an additional 1,355,418 shares during the period. Finally, Legal & General Group Plc acquired a new position in Ivanhoe Electric during the second quarter worth $17,994,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.
Ivanhoe Electric Stock Performance
Shares of NYSEAMERICAN IE opened at $10.56 on Monday. The stock has a market cap of $1.69 billion, a P/E ratio of -13.37 and a beta of 1.26. The business's fifty day simple moving average is $10.19 and its 200-day simple moving average is $11.34. Ivanhoe Electric Inc. has a 12-month low of $7.86 and a 12-month high of $21.55.
Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last released its earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.12) by $0.28. The firm had revenue of $0.72 million during the quarter, compared to analysts' expectations 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, equities analysts forecast that Ivanhoe Electric Inc. will post -0.14 EPS for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have recently commented on the company. JPMorgan Chase & Co. lowered their price target on Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. Scotiabank cut their price objective on Ivanhoe Electric from $18.00 to $16.00 and set a "sector outperform" rating on the stock in a report on Friday. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $17.33.
Read Our Latest Stock Analysis on IE
About Ivanhoe Electric
(
Free Report)
Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of copper and other critical minerals used in electrification, renewable energy and modern infrastructure. The company primarily concentrates its exploration activities in the United States.
Its principal asset is the Santa Cruz copper project in Arizona, which Ivanhoe Electric is advancing through exploration and development work. The company also holds interests in other mineral exploration properties and evaluates additional opportunities with potential to host copper, nickel, gold and related critical minerals.
Ivanhoe Electric has developed the Typhoon geophysical surveying system, a proprietary technology designed to identify subsurface mineralization by collecting and analyzing electrical data.
Further Reading
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