Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Holdings Cut by Bank of America Corp DE

Bank of America Corp DE cut its holdings in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 50.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 120,961 shares of the company's stock after selling 122,669 shares during the quarter. Bank of America Corp DE owned about 0.10% of Ivanhoe Electric worth $913,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in IE. BNP Paribas Financial Markets acquired a new position in shares of Ivanhoe Electric in the 4th quarter valued at $89,000. Ameriprise Financial Inc. purchased a new position in shares of Ivanhoe Electric in the 4th quarter worth $104,000. Alyeska Investment Group L.P. boosted its holdings in Ivanhoe Electric by 4.8% in the fourth quarter. Alyeska Investment Group L.P. now owns 2,081,096 shares of the company's stock valued at $15,712,000 after acquiring an additional 95,749 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Ivanhoe Electric by 13.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company's stock valued at $36,566,000 after acquiring an additional 589,456 shares during the period. Finally, MetLife Investment Management LLC grew its position in Ivanhoe Electric by 6.0% during the fourth quarter. MetLife Investment Management LLC now owns 51,922 shares of the company's stock valued at $392,000 after acquiring an additional 2,948 shares during the period. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Stock Performance

Shares of IE traded up $0.13 during mid-day trading on Friday, hitting $7.93. The stock had a trading volume of 453,515 shares, compared to its average volume of 766,751. Ivanhoe Electric Inc. has a fifty-two week low of $4.50 and a fifty-two week high of $12.13. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The company has a market cap of $957.71 million, a PE ratio of -4.99 and a beta of 0.74. The company's fifty day simple moving average is $6.41 and its two-hundred day simple moving average is $7.44.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IE. Raymond James set a $15.00 target price on shares of Ivanhoe Electric and gave the company an "outperform" rating in a research note on Friday, April 4th. JPMorgan Chase & Co. cut their price objective on Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $12.88.

Ivanhoe Electric Company 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.