Raffles Associates LP Makes New $4.58 Million Investment in Ivanhoe Electric Inc. $IE

Key Points

• Raffles Associates LP acquired 477,077 shares of Ivanhoe Electric in the second quarter, worth approximately $4.58 million. The position represents about 0.30% of the company and 3.7% of the fund’s holdings.
• Ivanhoe Electric reported quarterly EPS of $0.16, beating the $0.12 loss analysts expected, though revenue of $0.72 million came in below the $1.00 million estimate. The company continues to post negative profitability metrics, including a 26.29% negative return on equity.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $17.83, despite JPMorgan lowering its target from $21 to $20. The stock recently traded at $11.69, below its 52-week high of $21.55.

Raffles Associates LP acquired a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 477,077 shares of the company's stock, valued at approximately $4,585,000. Ivanhoe Electric accounts for about 3.7% of Raffles Associates LP's holdings, making the stock its 10th largest holding. Raffles Associates LP owned approximately 0.30% of Ivanhoe Electric at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. KBC Group NV acquired a new position in shares of Ivanhoe Electric in the first quarter valued at about $28,000. Summit Securities Group LLC lifted its holdings in shares of Ivanhoe Electric by 146.5% during the first quarter. Summit Securities Group LLC now owns 6,000 shares of the company's stock worth $71,000 after purchasing an additional 18,900 shares during the period. Tower Research Capital LLC TRC boosted its position in Ivanhoe Electric by 146.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company's stock valued at $57,000 after buying an additional 3,713 shares during the last quarter. Fifth Third Bancorp purchased a new stake in Ivanhoe Electric in the first quarter valued at approximately $81,000. Finally, Comerica Bank increased its holdings in Ivanhoe Electric by 352.3% in the 3rd quarter. Comerica Bank now owns 6,997 shares of the company's stock worth $88,000 after buying an additional 5,450 shares during the period. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Stock Performance

Shares of IE opened at $11.69 on Friday. The business's 50-day moving average is $9.86 and its two-hundred day moving average is $12.18. The company has a market capitalization of $1.87 billion, a P/E ratio of -14.80 and a beta of 1.24. Ivanhoe Electric Inc. has a fifty-two week low of $7.86 and a fifty-two week high of $21.55.

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

Analysts Set New Price Targets

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 investment 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.com, the stock has a consensus rating of "Buy" and a consensus target price of $17.83.

Ivanhoe Electric Company 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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