Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 8.9% on Analyst Upgrade

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s stock price was up 8.9% during mid-day trading on Wednesday after Scotiabank raised their price target on the stock from $12.50 to $13.00. Scotiabank currently has a sector outperform rating on the stock. Ivanhoe Electric traded as high as $9.10 and last traded at $9.19. Approximately 412,813 shares were traded during trading, a decline of 47% from the average daily volume of 783,640 shares. The stock had previously closed at $8.44.

IE has been the topic of several other reports. JPMorgan Chase & Co. cut 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. Raymond James Financial set a $15.00 price objective on Ivanhoe Electric and gave the stock an "outperform" rating in a research note on Friday, April 4th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $12.75.

Hedge Funds Weigh In On Ivanhoe Electric

Several large investors have recently added to or reduced their stakes in IE. Price T Rowe Associates Inc. MD boosted 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. boosted its holdings in Ivanhoe Electric by 10.7% during 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 during the last quarter. Kopernik Global Investors LLC grew its position in Ivanhoe Electric by 5.4% in the 4th quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company's stock worth $19,307,000 after purchasing an additional 130,807 shares in the last quarter. Alyeska Investment Group L.P. grew its position in Ivanhoe Electric by 4.8% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,081,096 shares of the company's stock worth $15,712,000 after purchasing an additional 95,749 shares in the last quarter. Finally, Goehring & Rozencwajg Associates LLC increased its stake in Ivanhoe Electric by 2.3% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,713,186 shares of the company's stock valued at $10,844,000 after buying an additional 37,719 shares during the last quarter. Institutional investors own 79.05% of the company's stock.

Ivanhoe Electric Stock Performance

The company's 50-day simple moving average is $7.10 and its 200 day simple moving average is $7.41. The stock has a market cap of $1.21 billion, a P/E ratio of -10.76 and a beta of 0.78. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.18.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.