Vanguard Group Inc. Has $29.85 Million Stock Holdings in Ivanhoe Electric Inc. $IE

Key Points

• Vanguard Group Inc. increased its stake in Ivanhoe Electric Inc. by 10.7% in Q1 2023, acquiring an additional 496,058 shares, bringing its total ownership to approximately 4.25% valued at $29.85 million.
• Other institutional investors have also significantly increased their positions in Ivanhoe Electric, with GAMMA Investing LLC raising its holdings by 456.9% during the same quarter.
• Analysts have positive outlooks on Ivanhoe Electric, with a consensus rating of "Buy" and a target price averaging around $14.00, indicating strong potential for growth.

Vanguard Group Inc. grew its stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 10.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,137,785 shares of the company's stock after purchasing an additional 496,058 shares during the period. Vanguard Group Inc. owned about 4.25% of Ivanhoe Electric worth $29,851,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in Ivanhoe Electric by 456.9% during the first quarter. GAMMA Investing LLC now owns 11,115 shares of the company's stock valued at $65,000 after buying an additional 9,119 shares during the period. Teacher Retirement System of Texas acquired a new position in Ivanhoe Electric during the first quarter valued at $67,000. BNP Paribas Financial Markets acquired a new position in Ivanhoe Electric during the fourth quarter valued at $89,000. Eagle Global Advisors LLC acquired a new position in Ivanhoe Electric during the fourth quarter valued at $100,000. Finally, Ameriprise Financial Inc. acquired a new position in Ivanhoe Electric during the fourth quarter valued at $104,000. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Price Performance

IE stock traded down $0.28 during midday trading on Tuesday, reaching $8.64. 881,849 shares of the company's stock traded hands, compared to its average volume of 852,106. The company has a 50-day simple moving average of $9.89 and a two-hundred day simple moving average of $7.64. Ivanhoe Electric Inc. has a 1-year low of $4.50 and a 1-year high of $13.25. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -13.50 and a beta of 0.88. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 0.18.

Insiders Place Their Bets

In related news, VP Graham Richard Thomas Boyd sold 134,059 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the completion of the sale, the vice president directly owned 194,226 shares of the company's stock, valued at $1,732,495.92. This trade represents a 40.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IE. Raymond James Financial raised Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price target on the stock in a research report on Monday, June 30th. Scotiabank reissued an "outperform" rating on shares of Ivanhoe Electric in a research report on Tuesday, June 24th. Cantor Fitzgerald began coverage on Ivanhoe Electric in a research report on Thursday, August 21st. They issued an "overweight" rating and a $17.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their target price on Ivanhoe Electric from $13.00 to $15.00 and gave the stock an "overweight" rating in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $14.00.

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.