Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 12-Month High - Still a Buy?

Key Points

• Ivanhoe Electric Inc. reached a new 52-week high, trading at $13.25, with a last trade at $11.80, indicating strong market interest.
• Analysts favor the stock, with Scotiabank rating it "outperform" and JPMorgan Chase increasing the price target from $13.00 to $15.00, reflecting positive sentiment.
• Institutional investors dominate its ownership, holding 79.05% of the stock, signifying solid backing from major financial entities.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $13.25 and last traded at $11.80, with a volume of 440852 shares changing hands. The stock had previously closed at $11.63.

Analyst Ratings Changes

Several brokerages have recently commented on IE. Scotiabank restated an "outperform" rating on shares of Ivanhoe Electric in a research report on Tuesday, June 24th. JPMorgan Chase & Co. boosted their price objective on Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. Finally, Raymond James Financial upgraded Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price objective on the stock in a research report on Monday, June 30th. Three analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $13.25.

Ivanhoe Electric Stock Performance

The business has a 50-day moving average price of $8.87 and a 200-day moving average price of $7.26. The firm has a market capitalization of $1.49 billion, a price-to-earnings ratio of -13.24 and a beta of 0.88. The company has a quick ratio of 3.07, a current ratio of 3.07 and a debt-to-equity ratio of 0.18.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds have recently made changes to their positions in the company. Eagle Global Advisors LLC grew its position in shares of Ivanhoe Electric by 7.6% during the 2nd quarter. Eagle Global Advisors LLC now owns 17,000 shares of the company's stock valued at $154,000 after acquiring an additional 1,200 shares during the period. MetLife Investment Management LLC boosted its holdings in Ivanhoe Electric by 6.0% in the 4th quarter. MetLife Investment Management LLC now owns 51,922 shares of the company's stock worth $392,000 after buying an additional 2,948 shares during the last quarter. FNY Investment Advisers LLC boosted its holdings in Ivanhoe Electric by 19.0% in the 1st quarter. FNY Investment Advisers LLC now owns 25,000 shares of the company's stock worth $145,000 after buying an additional 4,000 shares during the last quarter. Truist Financial Corp boosted its holdings in Ivanhoe Electric by 36.4% in the 2nd quarter. Truist Financial Corp now owns 15,000 shares of the company's stock worth $136,000 after buying an additional 4,000 shares during the last quarter. Finally, California State Teachers Retirement System boosted its holdings in Ivanhoe Electric by 6.5% in the 4th quarter. California State Teachers Retirement System now owns 73,530 shares of the company's stock worth $555,000 after buying an additional 4,462 shares during the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

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.

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