Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down - What's Next?

Key Points

• Ivanhoe Electric's stock price opened lower at $11.30 after closing at $11.76, with the most recent trading at $11.71 and a volume of 127,190 shares.
• Analysts have set a consensus rating of "Buy" for Ivanhoe Electric, with an average price target of $14.00, indicating positive expectations for the stock's performance.
• Institutional investors control 79.05% of Ivanhoe Electric's shares, with notable increases in positions from major players like Price T Rowe Associates and Vanguard Group.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $11.76, but opened at $11.30. Ivanhoe Electric shares last traded at $11.71, with a volume of 127,190 shares.

Analysts Set New Price Targets

Several brokerages recently commented on IE. Scotiabank reissued an "outperform" rating on shares of Ivanhoe Electric in a report on Tuesday, June 24th. JPMorgan Chase & Co. boosted their target price on Ivanhoe Electric from $13.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, June 30th. National Bankshares started coverage on Ivanhoe Electric in a report on Wednesday, September 3rd. They issued an "outperform" rating on the stock. National Bank Financial raised Ivanhoe Electric to a "strong-buy" rating in a report on Wednesday, September 3rd. Finally, Raymond James Financial upgraded shares of Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price objective on the stock in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat, Ivanhoe Electric has a consensus rating of "Buy" and an average price target of $14.00.

Ivanhoe Electric Trading Up 1.0%

The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -18.48 and a beta of 0.88. The company's fifty day simple moving average is $9.73 and its two-hundred day simple moving average is $8.20. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 0.18.

Insider Activity

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the firm's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the completion of the sale, the vice president owned 194,226 shares in the company, valued at approximately $1,732,495.92. This trade represents a 40.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 12.06% of the company's stock.

Hedge Funds Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently made changes to their positions in IE. Price T Rowe Associates Inc. MD grew its holdings in Ivanhoe Electric by 41.1% during 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 acquiring an additional 1,988,562 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ivanhoe Electric by 10.7% in the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company's stock worth $29,851,000 after purchasing an additional 496,058 shares in the last quarter. Kopernik Global Investors LLC boosted its position in shares of Ivanhoe Electric by 2.2% in the second quarter. Kopernik Global Investors LLC now owns 3,412,561 shares of the company's stock valued at $30,952,000 after acquiring an additional 72,376 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Ivanhoe Electric by 6.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,077,062 shares of the company's stock worth $18,841,000 after acquiring an additional 125,111 shares during the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Ivanhoe Electric by 44.5% in the second quarter. Legal & General Group Plc now owns 1,759,911 shares of the company's stock worth $15,962,000 after buying an additional 541,719 shares during the period. 79.05% of the stock is currently owned by institutional investors and hedge funds.

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.

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