Renaissance Technologies LLC Makes New $4.25 Million Investment in Ivanhoe Electric Inc. $IE

Key Points

• Renaissance Technologies purchased 359,200 shares of Ivanhoe Electric, valued at approximately $4.25 million, giving it a 0.23% stake. Institutional investors collectively own 79.05% of the company.
• Ivanhoe Electric reported a quarterly loss of $0.26 per share, missing the $0.15 consensus estimate, while revenue of $0.86 million was slightly below expectations.
• Analysts maintain a consensus “Buy” rating with an average price target of $17.62, despite JPMorgan lowering its target from $21 to $20; the stock recently traded at $10.70.

Renaissance Technologies LLC purchased a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 359,200 shares of the company's stock, valued at approximately $4,246,000. Renaissance Technologies LLC owned 0.23% of Ivanhoe Electric at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Goehring & Rozencwajg Associates LLC boosted its stake in Ivanhoe Electric by 18.3% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,115,009 shares of the company's stock valued at $24,999,000 after buying an additional 327,112 shares during the period. Kopernik Global Investors LLC increased its stake in Ivanhoe Electric by 316.1% in the 1st quarter. Kopernik Global Investors LLC now owns 1,784,170 shares of the company's stock worth $21,089,000 after acquiring an additional 1,355,418 shares during the last quarter. Teachers Retirement System of The State of Kentucky purchased a new stake in shares of Ivanhoe Electric in the 4th quarter valued at about $1,572,000. O Brien Greene & Co. Inc purchased a new stake in shares of Ivanhoe Electric in the 4th quarter valued at about $670,000. Finally, Vanguard Group Inc. boosted its position in shares of Ivanhoe Electric by 24.4% during the 4th quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company's stock valued at $105,140,000 after acquiring an additional 1,290,175 shares during the last quarter. Institutional investors own 79.05% of the company's stock.

Ivanhoe Electric Trading Up 0.5%

NYSEAMERICAN IE opened at $10.70 on Friday. The firm has a market cap of $1.69 billion, a PE ratio of -13.21 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 has a 50-day moving average of $10.16 and a 200-day moving average of $12.98.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.15) by ($0.11). Ivanhoe Electric had a negative return on equity of 29.11% and a negative net margin of 3,477.73%.The company had revenue of $0.86 million for the quarter, compared to the consensus estimate of $0.90 million. As a group, equities research analysts forecast that Ivanhoe Electric Inc. will post 0.02 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. decreased their price objective on shares of 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 four have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $17.62.

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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