Invst LLC Purchases New Shares in Ivanhoe Electric Inc. $IE

Key Points

• Invst LLC purchased 132,817 shares of Ivanhoe Electric in the second quarter, valued at approximately $1.28 million, joining several other institutional investors that increased their positions. Institutions and hedge funds collectively own 79.05% of the company.
• Ivanhoe Electric shares rose 5.8% to $11.91, trading between a 52-week range of $7.86 and $21.55. The company reported quarterly EPS of $0.16, beating estimates, though revenue of $0.72 million came in below expectations.
• Analysts maintain a favorable outlook, with the stock carrying an average “Buy” rating and a consensus price target of $17.83; JPMorgan recently lowered its target from $21 to $20 while retaining an “overweight” rating.

Invst LLC purchased a new position in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 132,817 shares of the company's stock, valued at approximately $1,276,000. Invst LLC owned approximately 0.08% of Ivanhoe Electric at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of IE. JPMorgan Chase & Co. lifted its stake in Ivanhoe Electric by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company's stock valued at $813,000 after buying an additional 17,896 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Ivanhoe Electric by 7.7% in the second quarter. Rhumbline Advisers now owns 121,285 shares of the company's stock worth $1,100,000 after buying an additional 8,622 shares during the period. Invesco Ltd. increased its position in shares of Ivanhoe Electric by 3.8% in the second quarter. Invesco Ltd. now owns 33,674 shares of the company's stock worth $305,000 after acquiring an additional 1,247 shares in the last quarter. Sei Investments Co. increased its position in shares of Ivanhoe Electric by 33.6% in the second quarter. Sei Investments Co. now owns 112,690 shares of the company's stock worth $1,022,000 after acquiring an additional 28,318 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Ivanhoe Electric by 42.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company's stock valued at $12,273,000 after acquiring an additional 378,760 shares during the period. Institutional investors and hedge funds own 79.05% of the company's stock.

Ivanhoe Electric Trading Up 5.8%

Shares of IE stock opened at $11.91 on Wednesday. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of -15.08 and a beta of 1.24. Ivanhoe Electric Inc. has a 1-year low of $7.86 and a 1-year high of $21.55. The stock's fifty day simple moving average is $9.84 and its 200-day simple moving average is $12.25.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The firm had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.00 million. On average, sell-side analysts predict that Ivanhoe Electric Inc. will post -0.11 EPS for the current year.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. reduced their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company's stock. Based on data from MarketBeat, Ivanhoe Electric currently has an average rating of "Buy" and an average price target of $17.83.

Ivanhoe Electric Profile

Ivanhoe Electric NYSEAMERICAN: IE is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company's portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.

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