Ivanhoe Electric (NYSEAMERICAN:IE) Issues Earnings Results

Key Points

• Ivanhoe Electric reported EPS of $0.16, beating the consensus estimate of a $0.11 loss by $0.27, while quarterly revenue of $0.72 million fell short of the $0.86 million estimate.
• Shares rose 3.0% to $11.02 following the results, though the stock remains well below its 52-week high of $21.55 and has negative profitability metrics.
• Institutional investors own 79.05% of the company, and analysts maintain a consensus “Buy” rating with an average price target of $17.62; JPMorgan lowered its target to $20 from $21 while retaining an “overweight” rating.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) announced its quarterly earnings data on Friday. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.27, FiscalAI reports. Ivanhoe Electric had a negative return on equity of 29.11% and a negative net margin of 3,477.73%.The company had revenue of $0.72 million for the quarter, compared to analysts' expectations of $0.86 million.

Ivanhoe Electric Trading Up 3.0%

Shares of IE stock traded up $0.32 during trading hours on Friday, reaching $11.02. 4,157,953 shares of the company's stock were exchanged, compared to its average volume of 2,137,404. Ivanhoe Electric has a 1 year low of $7.86 and a 1 year high of $21.55. The stock has a market cap of $1.74 billion, a PE ratio of -13.60 and a beta of 1.24. The stock's fifty day moving average price is $10.16 and its two-hundred day moving average price is $12.98.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its holdings in shares of Ivanhoe Electric by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company's stock valued at $813,000 after buying an additional 17,896 shares during the last quarter. Rhumbline Advisers raised its stake in Ivanhoe Electric by 7.7% in the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company's stock worth $1,100,000 after acquiring an additional 8,622 shares during the last quarter. Invesco Ltd. raised its stake in Ivanhoe Electric by 3.8% in the 2nd quarter. Invesco Ltd. now owns 33,674 shares of the company's stock worth $305,000 after acquiring an additional 1,247 shares during the last quarter. Sei Investments Co. lifted its position in Ivanhoe Electric by 33.6% during the 2nd quarter. Sei Investments Co. now owns 112,690 shares of the company's stock worth $1,022,000 after acquiring an additional 28,318 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Ivanhoe Electric by 42.3% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company's stock worth $12,273,000 after acquiring an additional 378,760 shares during the period. Hedge funds and other institutional investors own 79.05% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. cut their price objective on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $17.62.

Ivanhoe Electric Company Profile

Ivanhoe Electric NYSEAMERICAN: IE is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company's portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.

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