Price T Rowe Associates Inc. MD Buys 589,456 Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Price T Rowe Associates Inc. MD boosted its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) by 13.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,843,058 shares of the company's stock after buying an additional 589,456 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 4.02% of Ivanhoe Electric worth $36,566,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of IE. Legal & General Group Plc raised its position in shares of Ivanhoe Electric by 59.8% during the 4th quarter. Legal & General Group Plc now owns 1,323,372 shares of the company's stock valued at $9,991,000 after acquiring an additional 495,325 shares during the last quarter. Kopernik Global Investors LLC lifted its stake in Ivanhoe Electric by 5.4% in the fourth quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company's stock valued at $19,307,000 after buying an additional 130,807 shares during the period. Barclays PLC boosted its holdings in Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company's stock worth $1,150,000 after buying an additional 106,288 shares during the last quarter. ExodusPoint Capital Management LP bought a new stake in shares of Ivanhoe Electric in the 4th quarter valued at about $633,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Ivanhoe Electric in the 4th quarter valued at about $451,000. 79.05% of the stock is currently owned by institutional investors.

Ivanhoe Electric Stock Performance

NYSEAMERICAN IE traded down $0.04 on Tuesday, reaching $6.02. The stock had a trading volume of 51,421 shares, compared to its average volume of 753,164. Ivanhoe Electric Inc. has a 1-year low of $4.50 and a 1-year high of $12.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50. The company has a market cap of $727.04 million, a P/E ratio of -3.79 and a beta of 0.74. The firm has a fifty day moving average of $6.02 and a two-hundred day moving average of $7.57.

Insider Buying and Selling

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd purchased 5,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $5.83 per share, with a total value of $29,150.00. Following the acquisition, the vice president now owns 11,510 shares of the company's stock, valued at approximately $67,103.30. This represents a 76.80 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joseph Taylor Melvin bought 50,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the transaction, the chief executive officer now owns 730,753 shares of the company's stock, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 75,000 shares of company stock valued at $434,350 over the last 90 days. 10.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

IE has been the topic of a number of research analyst reports. Raymond James set a $15.00 price target on Ivanhoe Electric and gave the stock an "outperform" rating in a research report on Friday, April 4th. JPMorgan Chase & Co. cut their price target on shares of Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Jefferies Financial Group lowered their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Finally, Scotiabank cut their price objective on shares of Ivanhoe Electric from $14.00 to $13.50 and set a "sector outperform" rating on the stock in a research report on Monday, January 6th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Ivanhoe Electric currently has a consensus rating of "Buy" and an average price target of $12.88.

About Ivanhoe Electric

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.