Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 8.5% - Should You Buy?

Key Points

• Ivanhoe Electric's shares rose 8.5% recently, trading at $10.26 after closing at $9.45, with trading volume down 17% from average levels.
• Research firms have issued positive ratings on Ivanhoe Electric, with target prices reaching up to $17.00 and a >70% share of analysts rating it as a buy.
• Insider selling was noted with VP Graham Richard Thomas Boyd offloading 134,059 shares, indicating a 40.84% decrease in his ownership stake.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares shot up 8.5% on Tuesday . The stock traded as high as $10.31 and last traded at $10.26. 815,898 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 979,668 shares. The stock had previously closed at $9.45.

Analyst Ratings Changes

Several research firms have recently weighed in on IE. Cantor Fitzgerald started coverage on shares of Ivanhoe Electric in a report on Thursday, August 21st. They issued an "overweight" rating and a $17.00 target price on the stock. National Bankshares started coverage on shares of Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an "outperform" rating on the stock. National Bank Financial raised shares of Ivanhoe Electric to a "strong-buy" rating in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. increased their price target 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, Scotiabank reissued an "outperform" rating on shares of Ivanhoe Electric in a research note on Tuesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $14.00.

Ivanhoe Electric Price Performance

The company's 50-day moving average is $9.72 and its two-hundred day moving average is $7.98. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.84 and a quick ratio of 3.84. The firm has a market cap of $1.33 billion, a P/E ratio of -15.70 and a beta of 0.88.

Insider Buying and Selling

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd sold 134,059 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was 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 owned 194,226 shares of the company's stock, valued at approximately $1,732,495.92. The trade was a 40.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 12.06% of the company's stock.

Institutional Trading of Ivanhoe Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Eagle Global Advisors LLC increased its position in Ivanhoe Electric by 7.6% during the 2nd quarter. Eagle Global Advisors LLC now owns 17,000 shares of the company's stock valued at $154,000 after purchasing an additional 1,200 shares during the period. Invesco Ltd. increased its position in Ivanhoe Electric by 3.8% during the 2nd quarter. Invesco Ltd. now owns 33,674 shares of the company's stock valued at $305,000 after purchasing an additional 1,247 shares during the period. Teacher Retirement System of Texas increased its position in Ivanhoe Electric by 13.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 13,033 shares of the company's stock valued at $118,000 after purchasing an additional 1,587 shares during the period. BNP Paribas Financial Markets increased its position in Ivanhoe Electric by 43.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company's stock valued at $73,000 after purchasing an additional 2,449 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Ivanhoe Electric by 146.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company's stock worth $57,000 after buying an additional 3,713 shares in the last quarter. Institutional investors and hedge funds 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.

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