Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 10.5% - Here's Why

Key Points

• Ivanhoe Electric's shares fell by 10.5% during mid-day trading, dropping from a previous close of $11.10 to a low of $10.25.
• Analysts have issued mixed ratings for the stock, with Raymond James upgrading it to "moderate buy" with a target price of $15.00, while the overall consensus rating remains a "Buy" with a target price of $13.25.
• Approximately 79% of Ivanhoe Electric's stock is owned by institutional investors and hedge funds, indicating significant institutional interest in the company.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s share price traded down 10.5% during trading on Wednesday . The company traded as low as $10.25 and last traded at $9.94. 1,033,082 shares were traded during trading, an increase of 10% from the average session volume of 936,190 shares. The stock had previously closed at $11.10.

Wall Street Analyst Weigh In

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

Ivanhoe Electric Stock Performance

The business's fifty day simple moving average is $9.21 and its 200-day simple moving average is $7.30. The company has a market capitalization of $1.27 billion, a P/E ratio of -11.28 and a beta of 0.88. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.07 and a current ratio of 3.07.

Institutional Trading of Ivanhoe Electric

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in Ivanhoe Electric by 41.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company's stock worth $39,692,000 after buying an additional 1,988,562 shares during the period. EdgePoint Investment Group Inc. bought a new position in Ivanhoe Electric in the 1st quarter worth about $4,284,000. Vanguard Group Inc. grew its stake in Ivanhoe Electric by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company's stock worth $29,851,000 after acquiring an additional 496,058 shares in the last quarter. Legal & General Group Plc increased its position in shares of Ivanhoe Electric by 59.8% during the fourth quarter. Legal & General Group Plc now owns 1,323,372 shares of the company's stock worth $9,991,000 after acquiring an additional 495,325 shares during the period. Finally, Vestcor Inc raised its stake in shares of Ivanhoe Electric by 191.5% during the first quarter. Vestcor Inc now owns 722,781 shares of the company's stock valued at $4,199,000 after acquiring an additional 474,800 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company's stock.

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.