Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 52-Week High - Time to 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) shares hit a new 52-week high on Monday . The company traded as high as $13.25 and last traded at $11.80, with a volume of 440852 shares. The stock had previously closed at $11.63.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IE. Raymond James Financial raised Ivanhoe Electric to a "moderate buy" rating and set a $15.00 target price on the stock in a research note on Monday, June 30th. Scotiabank reiterated an "outperform" rating on shares of Ivanhoe Electric in a report on Tuesday, June 24th. Finally, JPMorgan Chase & Co. lifted their price target on Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a report on Monday, June 30th. Three research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Ivanhoe Electric presently has an average rating of "Buy" and a consensus target price of $13.25.

Ivanhoe Electric Stock Up 3.4%

The business has a fifty day moving average of $9.10 and a 200 day moving average of $7.30. The firm has a market cap of $1.27 billion, a P/E ratio of -11.25 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.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. lifted its position in Ivanhoe Electric by 231.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 53,800 shares of the company's stock worth $313,000 after acquiring an additional 37,570 shares during the last quarter. Jennison Associates LLC increased its position in Ivanhoe Electric by 7.4% during the 1st quarter. Jennison Associates LLC now owns 705,716 shares of the company's stock worth $4,100,000 after buying an additional 48,332 shares during the period. Goehring & Rozencwajg Associates LLC lifted its holdings in shares of Ivanhoe Electric by 2.3% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,713,186 shares of the company's stock worth $10,844,000 after buying an additional 37,719 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Ivanhoe Electric by 5.4% in the first quarter. Rhumbline Advisers now owns 112,663 shares of the company's stock valued at $655,000 after acquiring an additional 5,740 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Ivanhoe Electric by 34.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 211,513 shares of the company's stock valued at $1,597,000 after acquiring an additional 54,771 shares in 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.