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

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $5.05, but opened at $5.75. Ivanhoe Electric shares last traded at $6.04, with a volume of 486,648 shares trading hands.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Scotiabank reduced their price objective on shares of Ivanhoe Electric from $14.00 to $13.50 and set a "sector outperform" rating on the stock in a research note on Monday, January 6th. Raymond James set a $15.00 price target on Ivanhoe Electric and gave the company an "outperform" rating in a research note on Friday, April 4th. JPMorgan Chase & Co. reduced their target price on Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Finally, Jefferies Financial Group lowered their price target on shares of Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating for the company in a report on Monday, January 6th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $12.88.

Ivanhoe Electric Stock Performance

The stock has a market capitalization of $736.70 million, a price-to-earnings ratio of -3.84 and a beta of 0.74. The company has a 50 day simple moving average of $5.97 and a 200-day simple moving average of $7.69. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insider Activity

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd purchased 5,000 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $5.83 per share, with a total value of $29,150.00. Following the transaction, the vice president now owns 11,510 shares in the company, valued at $67,103.30. The trade was a 76.80 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph Taylor Melvin purchased 50,000 shares of the business's stock in a transaction on Friday, March 7th. The shares were bought at an average price of $5.76 per share, with a total value of $288,000.00. Following the purchase, the chief executive officer now directly owns 730,753 shares in the company, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 75,000 shares of company stock worth $434,350. Company insiders own 10.50% of the company's stock.

Institutional Trading of Ivanhoe Electric

Several institutional investors have recently made changes to their positions in IE. State Street Corp boosted its position in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company's stock worth $27,132,000 after purchasing an additional 1,558,467 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Ivanhoe Electric by 13.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company's stock worth $36,566,000 after buying an additional 589,456 shares during the last quarter. Legal & General Group Plc grew its position in Ivanhoe Electric by 59.8% during the fourth quarter. Legal & General Group Plc now owns 1,323,372 shares of the company's stock valued at $9,991,000 after buying an additional 495,325 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Ivanhoe Electric by 78.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 917,272 shares of the company's stock worth $6,995,000 after buying an additional 402,879 shares during the last quarter. Finally, Kopernik Global Investors LLC raised its position in Ivanhoe Electric by 5.4% in the fourth quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company's stock worth $19,307,000 after acquiring an additional 130,807 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.