Ivanhoe Electric Inc. $IE Holdings Trimmed by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs reduced its holdings in Ivanhoe Electric Inc. by 29.7% during the first quarter, leaving it with 233,675 shares valued at approximately $1.36 million.
• Insider transactions were notable, with VP Graham Richard Thomas Boyd selling 134,059 shares at an average price of $8.92, significantly reducing his ownership stake by 40.84%.
• Equities research analysts have a generally positive outlook on Ivanhoe Electric, with multiple firms giving it a rating of "strong buy" or "buy," and a consensus price target of $14.00.

Goldman Sachs Group Inc. lessened its stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 29.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 233,675 shares of the company's stock after selling 98,619 shares during the quarter. Goldman Sachs Group Inc. owned about 0.18% of Ivanhoe Electric worth $1,358,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Invst LLC purchased a new position in shares of Ivanhoe Electric during the 1st quarter worth $1,302,000. Rhumbline Advisers lifted its stake in shares of Ivanhoe Electric by 5.4% during the 1st quarter. Rhumbline Advisers now owns 112,663 shares of the company's stock worth $655,000 after purchasing an additional 5,740 shares during the period. EdgePoint Investment Group Inc. purchased a new position in shares of Ivanhoe Electric during the 1st quarter worth $4,284,000. Adage Capital Partners GP L.L.C. lifted its stake in shares of Ivanhoe Electric by 9.5% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 845,978 shares of the company's stock worth $4,915,000 after purchasing an additional 73,088 shares during the period. Finally, PDT Partners LLC lifted its stake in shares of Ivanhoe Electric by 57.0% during the 1st quarter. PDT Partners LLC now owns 117,344 shares of the company's stock worth $682,000 after purchasing an additional 42,622 shares during the period. Institutional investors and hedge funds own 79.05% of the company's stock.

Wall Street Analyst Weigh In

IE has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on Ivanhoe Electric in a research note on Thursday, August 21st. They set an "overweight" rating and a $17.00 price target on the stock. JPMorgan Chase & Co. increased their price target on Ivanhoe Electric from $13.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, June 30th. National Bankshares assumed coverage on Ivanhoe Electric in a research note on Wednesday, September 3rd. They set an "outperform" rating on the stock. Scotiabank reaffirmed 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 target price on the stock in a research report on Monday, June 30th. Two research analysts have rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $14.00.

Insider Buying and Selling

In related news, VP Graham Richard Thomas Boyd sold 134,059 shares of the business's stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the sale, the vice president owned 194,226 shares of the company's stock, 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 Securities & Exchange Commission, which is available at the SEC website. 12.06% of the stock is currently owned by insiders.

Ivanhoe Electric Price Performance

NYSEAMERICAN:IE traded up $0.79 during midday trading on Tuesday, hitting $10.24. 1,181,936 shares of the stock were exchanged, compared to its average volume of 981,920. Ivanhoe Electric Inc. has a one year low of $4.50 and a one year high of $13.25. The company has a market capitalization of $1.36 billion, a price-to-earnings ratio of -16.00 and a beta of 0.88. The business has a 50-day moving average price of $9.72 and a two-hundred day moving average price of $7.98. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 0.18.

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.