Raffles Associates LP Takes Position in Ivanhoe Electric Inc. $IE

Key Points

• Raffles Associates LP acquired 477,077 shares of Ivanhoe Electric in the second quarter, valued at approximately $4.6 million and representing about 0.30% of the company.
• Institutional ownership stands at 79.05%, with several other funds increasing their positions. JPMorgan cut its price target to $20 but maintained an “overweight” rating, while analysts hold a consensus “Buy” rating and $17.83 target.
• Ivanhoe Electric shares recently traded at $11.91, up 5.8%. The company exceeded quarterly EPS expectations but fell short on revenue and continues to report significant losses as it develops battery-metal projects.

Raffles Associates LP purchased a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 477,077 shares of the company's stock, valued at approximately $4,585,000. Ivanhoe Electric comprises 4.1% of Raffles Associates LP's holdings, making the stock its 9th biggest holding. Raffles Associates LP owned about 0.30% of Ivanhoe Electric at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Ivanhoe Electric by 3.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,657 shares of the company's stock worth $441,000 after acquiring an additional 957 shares during the last quarter. Invesco Ltd. grew its stake in shares of Ivanhoe Electric by 3.8% during the second quarter. Invesco Ltd. now owns 33,674 shares of the company's stock valued at $305,000 after purchasing an additional 1,247 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in shares of Ivanhoe Electric by 1.3% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 119,248 shares of the company's stock valued at $1,924,000 after purchasing an additional 1,536 shares in the last quarter. KBC Group NV acquired a new stake in shares of Ivanhoe Electric in the first quarter valued at approximately $28,000. Finally, BNP Paribas Financial Markets raised its position in Ivanhoe Electric by 43.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company's stock worth $73,000 after purchasing an additional 2,449 shares during the last quarter. Institutional investors own 79.05% of the company's stock.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. decreased their price objective on Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating on the stock 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. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $17.83.

Ivanhoe Electric Trading Up 5.8%

Ivanhoe Electric stock opened at $11.91 on Wednesday. The company has a market cap of $1.90 billion, a PE 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 company's 50-day moving average is $9.84 and its two-hundred day moving average is $12.25.

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

About Ivanhoe Electric

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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