Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 10.5% - Should You Sell?

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) was down 10.5% during mid-day trading on Wednesday . The stock traded as low as $10.25 and last traded at $9.94. Approximately 1,033,082 shares were traded during trading, an increase of 10% from the average daily volume of 936,190 shares. The stock had previously closed at $11.10.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Scotiabank reaffirmed an "outperform" rating on shares of Ivanhoe Electric in a research note on Tuesday, June 24th. JPMorgan Chase & Co. raised their price objective on shares of Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a research note on Monday, June 30th. Finally, Raymond James Financial raised shares of Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price objective on the stock in a research note 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's stock. According to data from MarketBeat, Ivanhoe Electric presently has a consensus rating of "Buy" and a consensus price target of $13.25.

Ivanhoe Electric Stock Down 1.2%

The stock's fifty day moving average price is $9.16 and its 200 day moving average price is $7.30. The stock has a market cap of $1.25 billion, a P/E ratio of -11.12 and a beta of 0.88. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.18.

Institutional Trading of Ivanhoe Electric

Several hedge funds and other institutional investors have recently bought and sold shares of IE. KLP Kapitalforvaltning AS purchased a new stake in Ivanhoe Electric during the 4th quarter valued at $103,000. JPMorgan Chase & Co. boosted its position in Ivanhoe Electric by 7.8% during the 4th quarter. JPMorgan Chase & Co. now owns 72,196 shares of the company's stock valued at $545,000 after buying an additional 5,245 shares during the period. ExodusPoint Capital Management LP purchased a new stake in Ivanhoe Electric during the 4th quarter valued at $633,000. Wells Fargo & Company MN boosted its position in Ivanhoe Electric by 51.6% during the 4th quarter. Wells Fargo & Company MN now owns 39,131 shares of the company's stock valued at $295,000 after buying an additional 13,311 shares during the period. Finally, Bank of Montreal Can boosted its position in Ivanhoe Electric by 22.4% during the 4th quarter. Bank of Montreal Can now owns 33,743 shares of the company's stock valued at $255,000 after buying an additional 6,177 shares during the period. Institutional investors own 79.05% of the company's stock.

Ivanhoe Electric Company Profile

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.