Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up - Still a Buy?

Key Points

• Ivanhoe Electric shares gapped up from $10.05 to $10.50, closing at $10.69 with a trading volume of 304,766 shares.
• Analysts are optimistic, with two ratings of Strong Buy and an average price target of $14.00, while JPMorgan and Raymond James upgraded their price targets to $15.00.
• Insider Graham Richard Thomas Boyd sold more than 134,000 shares, a 40.84% reduction in ownership, while institutional ownership now stands at 79.05%.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $10.05, but opened at $10.50. Ivanhoe Electric shares last traded at $10.69, with a volume of 304,766 shares.

Analysts Set New Price Targets

IE has been the subject of a number of research reports. National Bank Financial upgraded Ivanhoe Electric to a "strong-buy" rating in a report on Wednesday, September 3rd. National Bankshares assumed coverage on Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an "outperform" rating on the stock. JPMorgan Chase & Co. upped their target price on Ivanhoe Electric from $13.00 to $15.00 and gave the company an "overweight" rating in a research report on Monday, June 30th. Raymond James Financial upgraded 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. Finally, Cantor Fitzgerald assumed coverage on Ivanhoe Electric in a research report on Thursday, August 21st. They set an "overweight" rating and a $17.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $14.00.

Ivanhoe Electric Price Performance

The firm's 50-day moving average is $9.72 and its 200-day moving average is $8.01. The company has a market capitalization of $1.43 billion, a PE ratio of -16.80 and a beta of 0.88. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 0.18.

Insiders Place Their Bets

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the company'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 transaction, the vice president directly owned 194,226 shares of the company's stock, valued at approximately $1,732,495.92. This represents a 40.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 12.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ivanhoe Electric

Institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC grew its holdings in Ivanhoe Electric by 146.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company's stock worth $57,000 after purchasing an additional 3,713 shares during the period. GAMMA Investing LLC grew its holdings in Ivanhoe Electric by 456.9% in the first quarter. GAMMA Investing LLC now owns 11,115 shares of the company's stock worth $65,000 after purchasing an additional 9,119 shares during the period. Teacher Retirement System of Texas purchased a new stake in Ivanhoe Electric in the first quarter worth about $67,000. BNP Paribas Financial Markets grew its holdings in Ivanhoe Electric by 43.6% in the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company's stock worth $73,000 after purchasing an additional 2,449 shares during the period. Finally, AlphaQuest LLC grew its holdings in Ivanhoe Electric by 881.3% in the second quarter. AlphaQuest LLC now owns 9,332 shares of the company's stock worth $85,000 after purchasing an additional 8,381 shares during the period. 79.05% of the stock is owned by institutional investors.

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.

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