Ivanhoe Electric (NYSEAMERICAN:IE) Trading 10.4% Higher - What's Next?

Key Points

• Ivanhoe Electric shares jumped 10.4% in Tuesday trading, reaching an intraday high of $8.98 before settling around $8.92, though volume was well below its average daily level.
• JPMorgan trimmed its price target on the stock from $21 to $20 while maintaining an overweight rating. Overall, analysts still view the name favorably, with a consensus Buy rating and an average target of $17.62.
• The company’s latest quarterly results were weak, with EPS of -$0.26 versus expectations for a smaller loss and revenue of $0.86 million below estimates. Ivanhoe Electric remains an early-stage mineral exploration firm focused on copper and other battery metals.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) rose 10.4% during trading on Tuesday . The stock traded as high as $8.98 and last traded at $8.9240. Approximately 728,025 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 2,123,945 shares. The stock had previously closed at $8.08.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. lowered their price objective on Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat, Ivanhoe Electric currently has a consensus rating of "Buy" and an average price target of $17.62.

Ivanhoe Electric Price Performance

The stock has a market cap of $1.41 billion, a P/E ratio of -11.02 and a beta of 1.23. The stock's 50-day moving average is $11.04 and its two-hundred day moving average is $13.66.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.26) earnings per share for the quarter, missing analysts' consensus estimates of ($0.15) by ($0.11). The firm had revenue of $0.86 million for the quarter, compared to analysts' expectations of $0.90 million. Ivanhoe Electric had a negative net margin of 3,477.73% and a negative return on equity of 29.11%. On average, analysts anticipate that Ivanhoe Electric Inc. will post 0.02 EPS for the current fiscal year.

Institutional Trading of Ivanhoe Electric

Several hedge funds have recently modified their holdings of the company. Goehring & Rozencwajg Associates LLC boosted its holdings in shares of Ivanhoe Electric by 18.3% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,115,009 shares of the company's stock worth $24,999,000 after purchasing an additional 327,112 shares during the period. Teachers Retirement System of The State of Kentucky bought a new position in shares of Ivanhoe Electric during the 4th quarter valued at approximately $1,572,000. SG Americas Securities LLC raised its holdings in Ivanhoe Electric by 186.1% during the 4th quarter. SG Americas Securities LLC now owns 150,740 shares of the company's stock valued at $2,409,000 after buying an additional 98,052 shares during the period. O Brien Greene & Co. Inc purchased a new stake in Ivanhoe Electric during the 4th quarter valued at $670,000. Finally, Vanguard Group Inc. lifted its position in Ivanhoe Electric by 24.4% in the fourth quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company's stock worth $105,140,000 after buying an additional 1,290,175 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

About Ivanhoe Electric

Ivanhoe Electric NYSEAMERICAN: IE is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company's portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.

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