Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 5.2% - Here's What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares dropped 5.2% during mid-day trading on Monday . The stock traded as low as $9.18 and last traded at $9.15. Approximately 271,345 shares changed hands during trading, a decline of 67% from the average daily volume of 811,113 shares. The stock had previously closed at $9.65.

Wall Street Analyst Weigh In

IE has been the subject of several analyst reports. Raymond James Financial upgraded Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price target for the company in a report on Monday. Scotiabank reiterated an "outperform" rating on shares of Ivanhoe Electric in a research note on Tuesday, June 24th. Finally, JPMorgan Chase & Co. increased 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. Three investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $13.25.

Ivanhoe Electric Trading Up 1.3%

The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.07 and a current ratio of 3.07. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -11.01 and a beta of 0.88. The business has a fifty day moving average price of $7.53 and a 200 day moving average price of $7.32.

Institutional Trading of Ivanhoe Electric

Institutional investors and hedge funds have recently bought and sold shares of the business. Invst LLC acquired a new position in shares of Ivanhoe Electric during the 1st quarter valued at $1,302,000. Rhumbline Advisers raised its position in 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 purchasing an additional 5,740 shares during the period. EdgePoint Investment Group Inc. acquired a new position in shares of Ivanhoe Electric during the first quarter worth about $4,284,000. Adage Capital Partners GP L.L.C. lifted its stake in shares of Ivanhoe Electric by 9.5% during the first quarter. Adage Capital Partners GP L.L.C. now owns 845,978 shares of the company's stock worth $4,915,000 after purchasing an additional 73,088 shares in the last quarter. Finally, PDT Partners LLC boosted its position in shares of Ivanhoe Electric by 57.0% in the first quarter. PDT Partners LLC now owns 117,344 shares of the company's stock worth $682,000 after buying an additional 42,622 shares during the period. Institutional investors and hedge funds 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.