Ivanhoe Electric (NYSEAMERICAN:IE) Trading 8.9% Higher on Analyst Upgrade

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) were up 8.9% 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 traded hands during trading, a decline of 47% from the average daily volume of 783,640 shares. The stock had previously closed at $8.44.

A number of other research analysts have also recently issued reports on IE. Raymond James Financial set a $15.00 target price on Ivanhoe Electric and gave the company an "outperform" rating in a research note on Friday, April 4th. JPMorgan Chase & Co. dropped 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. One 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 company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $12.75.

Institutional Investors Weigh In On Ivanhoe Electric

A number of large investors have recently added to or reduced their stakes in the stock. Generali Investments CEE investicni spolecnost a.s. acquired a new stake in shares of Ivanhoe Electric in the 4th quarter valued at $80,000. GAMMA Investing LLC raised its position in shares of Ivanhoe Electric by 456.9% in the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company's stock worth $65,000 after acquiring an additional 9,119 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Ivanhoe Electric in the 1st quarter worth about $67,000. BNP Paribas Financial Markets bought a new position in shares of Ivanhoe Electric in the 4th quarter worth about $89,000. Finally, Eagle Global Advisors LLC bought a new stake in Ivanhoe Electric in the 4th quarter valued at about $100,000. Institutional investors and hedge funds own 79.05% of the company's stock.

Ivanhoe Electric Price Performance

The firm has a market capitalization of $1.28 billion, a P/E ratio of -11.35 and a beta of 0.78. The business has a 50-day moving average of $7.30 and a 200 day moving average of $7.40. The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.18.

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.