Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 12-Month High - Should You Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $11.69 and last traded at $11.33, with a volume of 348498 shares. The stock had previously closed at $11.22.

Wall Street Analysts Forecast Growth

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

Ivanhoe Electric Price Performance

The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.50 billion, a price-to-earnings ratio of -13.32 and a beta of 0.88. The company has a fifty day moving average price of $8.38 and a two-hundred day moving average price of $7.23.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently made changes to their positions in IE. Eagle Global Advisors LLC grew its stake in Ivanhoe Electric by 7.6% in the second 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 position in shares of Ivanhoe Electric by 6.0% during the fourth 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 period. FNY Investment Advisers LLC boosted its position in shares of Ivanhoe Electric by 19.0% during the first 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 period. Truist Financial Corp boosted its position in shares of Ivanhoe Electric by 36.4% during the second 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 period. Finally, California State Teachers Retirement System boosted its position in shares of Ivanhoe Electric by 6.5% during the fourth 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 period. 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.