Ivanhoe Electric (NYSEAMERICAN:IE) Trading 5.7% Higher - Here's Why

Key Points

• Ivanhoe Electric shares increased by 5.7% on Tuesday, reaching a high of $13.46 before last trading at $12.89, despite a 39% decrease in trading volume compared to average levels.
• Analysts have been optimistic about Ivanhoe Electric, with ratings ranging from "outperform" to "strong-buy," and a consensus price target set at $14.00.
• Institutional investors hold 79.05% of the company's stock, with significant increases in holdings noted from several firms during the second quarter.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares shot up 5.7% on Tuesday . The company traded as high as $13.46 and last traded at $12.89. 625,577 shares traded hands during trading, a decline of 39% from the average session volume of 1,031,462 shares. The stock had previously closed at $12.19.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. National Bankshares assumed coverage on shares of Ivanhoe Electric in a report on Wednesday, September 3rd. They issued an "outperform" rating on the stock. Raymond James Financial raised shares of Ivanhoe Electric to a "moderate buy" rating and set a $15.00 price objective on the stock in a research note on Monday, June 30th. Cantor Fitzgerald began coverage on shares of Ivanhoe Electric in a research note on Thursday, August 21st. They issued an "overweight" rating and a $17.00 price objective on the stock. National Bank Financial raised shares of Ivanhoe Electric to a "strong-buy" rating in a research note on Wednesday, September 3rd. Finally, Scotiabank restated an "outperform" rating on shares of Ivanhoe Electric in a research report on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $14.00.

Ivanhoe Electric Stock Performance

The stock's 50 day moving average price is $9.80 and its 200 day moving average price is $8.40. The company has a current ratio of 3.84, a quick ratio of 3.84 and a debt-to-equity ratio of 0.18. The company has a market cap of $1.69 billion, a price-to-earnings ratio of -19.94 and a beta of 0.98.

Insider Buying and Selling

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd sold 134,059 shares of the stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $8.92, for a total value of $1,195,806.28. Following the completion of the sale, the vice president owned 194,226 shares of the company's stock, valued at $1,732,495.92. This trade represents a 40.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 12.06% of the company's stock.

Institutional Investors Weigh In On Ivanhoe Electric

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC lifted its holdings in shares of Ivanhoe Electric by 146.0% during the second 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 during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Ivanhoe Electric by 43.6% during the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company's stock worth $73,000 after buying an additional 2,449 shares during the last quarter. AlphaQuest LLC lifted its holdings in shares of Ivanhoe Electric by 881.3% during the second quarter. AlphaQuest LLC now owns 9,332 shares of the company's stock worth $85,000 after buying an additional 8,381 shares during the last quarter. Ballentine Partners LLC acquired a new position in shares of Ivanhoe Electric in the second quarter valued at $93,000. Finally, GAMMA Investing LLC raised its stake in Ivanhoe Electric by 456.9% during the first 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. 79.05% of the stock is currently owned by institutional investors and hedge funds.

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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