Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Receives Average Recommendation of "Buy" from Analysts

Key Points

• Ivanhoe Electric Inc. has received an average recommendation of "Buy" from seven brokerages, with five analysts endorsing a buy and two a strong buy, alongside a 1-year price target of $14.00.
• Recent insider activity includes VP Graham Richard Thomas Boyd selling 134,059 shares at an average price of $8.92, a significant 40.84% decrease in his holdings.
• Multiple hedge funds increased their stakes in Ivanhoe Electric, with notable boosts from Eagle Global Advisors and Tower Research Capital, indicating strong institutional interest in the company.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) has received a consensus rating of "Buy" from the seven brokerages that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $14.00.

A number of research firms have recently issued reports on IE. National Bank Financial raised shares of Ivanhoe Electric to a "strong-buy" rating in a report on Wednesday, September 3rd. Cantor Fitzgerald began coverage on shares of Ivanhoe Electric in a report on Thursday, August 21st. They set an "overweight" rating and a $17.00 target price for the company. Scotiabank reaffirmed an "outperform" rating on shares of Ivanhoe Electric in a report on Tuesday, June 24th. JPMorgan Chase & Co. upped their target price on shares of Ivanhoe Electric from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, June 30th. Finally, Raymond James Financial raised shares of Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price objective for the company in a report on Monday, June 30th.

Insider Activity

In related news, VP Graham Richard Thomas Boyd sold 134,059 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $8.92, for a total value of $1,195,806.28. Following the completion of the sale, the vice president owned 194,226 shares of the company's stock, valued at approximately $1,732,495.92. This represents a 40.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 12.06% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of Ivanhoe Electric by 41.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company's stock valued at $39,692,000 after purchasing an additional 1,988,562 shares during the period. Primecap Management Co. CA boosted its stake in shares of Ivanhoe Electric by 229.9% in the second quarter. Primecap Management Co. CA now owns 1,574,884 shares of the company's stock valued at $14,284,000 after purchasing an additional 1,097,484 shares during the period. EdgePoint Investment Group Inc. purchased a new position in shares of Ivanhoe Electric in the first quarter valued at approximately $4,284,000. Legal & General Group Plc boosted its stake in shares of Ivanhoe Electric by 44.5% in the second quarter. Legal & General Group Plc now owns 1,759,911 shares of the company's stock valued at $15,962,000 after purchasing an additional 541,719 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of Ivanhoe Electric by 10.7% in the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company's stock valued at $29,851,000 after purchasing an additional 496,058 shares during the period. Hedge funds and other institutional investors own 79.05% of the company's stock.

Ivanhoe Electric Price Performance

Shares of Ivanhoe Electric stock traded up $0.06 during trading hours on Monday, reaching $9.37. 445,419 shares of the company's stock were exchanged, compared to its average volume of 960,347. Ivanhoe Electric has a 1 year low of $4.50 and a 1 year high of $13.25. The company has a market capitalization of $1.25 billion, a P/E ratio of -14.62 and a beta of 0.88. The business has a fifty day moving average of $9.75 and a two-hundred day moving average of $7.91. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 0.18.

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.