Invesco Ltd. Trims Stake in Ivanhoe Electric Inc. $IE

Key Points

• Invesco Ltd. has reduced its stake in Ivanhoe Electric Inc. by 98.8%, now holding just 32,427 shares, valued at $188,000.
• Despite Invesco's sell-off, GAMMA Investing LLC significantly increased its holdings in Ivanhoe Electric by 456.9% during the same period.
• Wall Street analysts are optimistic about Ivanhoe Electric, with several upgrading the stock to a "strong-buy" rating and target prices ranging from $15.00 to $17.00.

Invesco Ltd. decreased its stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 98.8% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 32,427 shares of the company's stock after selling 2,725,895 shares during the period. Invesco Ltd.'s holdings in Ivanhoe Electric were worth $188,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. FNY Investment Advisers LLC raised its holdings in shares of Ivanhoe Electric by 19.0% in the 1st quarter. FNY Investment Advisers LLC now owns 25,000 shares of the company's stock valued at $145,000 after acquiring an additional 4,000 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of Ivanhoe Electric by 6.5% in the 4th quarter. California State Teachers Retirement System now owns 73,530 shares of the company's stock valued at $555,000 after acquiring an additional 4,462 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Ivanhoe Electric by 5.4% in the 1st quarter. Rhumbline Advisers now owns 112,663 shares of the company's stock valued at $655,000 after acquiring an additional 5,740 shares in the last quarter. ProShare Advisors LLC raised its holdings in shares of Ivanhoe Electric by 49.0% in the 4th quarter. ProShare Advisors LLC now owns 23,541 shares of the company's stock valued at $178,000 after acquiring an additional 7,746 shares in the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Ivanhoe Electric by 456.9% in the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company's stock valued at $65,000 after acquiring an additional 9,119 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on IE. Cantor Fitzgerald began coverage on Ivanhoe Electric in a report on Thursday, August 21st. They issued an "overweight" rating and a $17.00 price target on the stock. National Bankshares began coverage on Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an "outperform" rating on the stock. JPMorgan Chase & Co. increased their price objective on Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. National Bank Financial upgraded Ivanhoe Electric to a "strong-buy" rating in a research report on Wednesday, September 3rd. Finally, Raymond James Financial upgraded Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price objective on the stock in a research report on Monday, June 30th. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $14.00.

Insider Activity

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the stock in a transaction that occurred on 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 approximately $1,732,495.92. This represents a 40.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 12.06% of the stock is owned by insiders.

Ivanhoe Electric Trading Down 1.8%

Shares of NYSEAMERICAN:IE traded down $0.16 during trading on Friday, hitting $8.67. The company had a trading volume of 369,676 shares, compared to its average volume of 947,518. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -13.54 and a beta of 0.88. Ivanhoe Electric Inc. has a one year low of $4.50 and a one year high of $13.25. The company has a fifty day simple moving average of $9.82 and a two-hundred day simple moving average of $7.79. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.84 and a quick ratio of 3.84.

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.