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

Other institutional investors have also made changes to their positions in the company. Jennison Associates LLC raised its holdings in shares of Ivanhoe Electric by 7.4% in the first quarter. Jennison Associates LLC now owns 705,716 shares of the company's stock valued at $4,100,000 after buying an additional 48,332 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of Ivanhoe Electric by 231.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 53,800 shares of the company's stock worth $313,000 after buying an additional 37,570 shares during the period. Vestcor Inc grew its position in shares of Ivanhoe Electric by 191.5% in the 1st quarter. Vestcor Inc now owns 722,781 shares of the company's stock valued at $4,199,000 after purchasing an additional 474,800 shares during the period. Goehring & Rozencwajg Associates LLC grew its position in shares of Ivanhoe Electric by 2.3% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,713,186 shares of the company's stock valued at $10,844,000 after purchasing an additional 37,719 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Ivanhoe Electric by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company's stock valued at $29,851,000 after purchasing an additional 496,058 shares during the period. 79.05% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the sale, the vice president directly owned 194,226 shares of the company's stock, valued at $1,732,495.92. This represents a 40.84% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 12.06% of the company's stock.

Ivanhoe Electric Stock Down 3.1%

Shares of IE traded down $0.27 during midday trading on Friday, hitting $8.56. 871,572 shares of the company's stock traded hands, compared to its average volume of 850,990. 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 firm's fifty day moving average is $9.80 and its 200-day moving average is $7.82. Ivanhoe Electric Inc. has a 1 year low of $4.50 and a 1 year high of $13.25. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -13.37 and a beta of 0.88.

Wall Street Analyst Weigh In

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