Ivanhoe Electric (NYSEAMERICAN:IE) Trading 7.5% Higher - Here's Why

Key Points

• Shares rose 7.5% intraday to $13.83 (high $13.93) on Friday, but volume was very light at 143,979 shares—about a 93% drop from the average session volume.
• JPMorgan lowered its price target to $21 while keeping an "overweight" rating; the stock's consensus rating is "Buy" with an average target of $17.88.
• Insiders have been selling: the CEO and CFO reported sales on March 6, and insiders sold 183,912 shares (~$2.83M) in the past 90 days, leaving insiders with 12.06% ownership.

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) traded up 7.5% during trading on Friday . The company traded as high as $13.93 and last traded at $13.8330. 143,979 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 2,083,665 shares. The stock had previously closed at $12.87.

Analyst Ratings Changes

Separately, JPMorgan Chase & Co. lowered their price objective on Ivanhoe Electric from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat.com, Ivanhoe Electric currently has a consensus rating of "Buy" and an average target price of $17.88.

Ivanhoe Electric Stock Up 4.5%

The stock has a market cap of $2.12 billion, a P/E ratio of -17.08 and a beta of 1.20. The stock has a fifty day simple moving average of $14.35 and a 200-day simple moving average of $14.69.

Insider Activity

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin sold 6,808 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $13.20, for a total transaction of $89,865.60. Following the transaction, the chief executive officer owned 626,110 shares in the company, valued at approximately $8,264,652. This trade represents a 1.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jordan Neeser sold 17,123 shares of the firm's stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $13.20, for a total value of $226,023.60. Following the transaction, the chief financial officer owned 84,247 shares in the company, valued at approximately $1,112,060.40. This trade represents a 16.89% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 183,912 shares of company stock valued at $2,831,321. Insiders own 12.06% of the company's stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IE. JPMorgan Chase & Co. boosted its holdings in Ivanhoe Electric by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company's stock worth $813,000 after buying an additional 17,896 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Ivanhoe Electric by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company's stock valued at $1,100,000 after purchasing an additional 8,622 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of 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 in the last quarter. Kopernik Global Investors LLC lifted its holdings in shares of Ivanhoe Electric by 2.2% during the 2nd quarter. Kopernik Global Investors LLC now owns 3,412,561 shares of the company's stock valued at $30,952,000 after purchasing an additional 72,376 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Ivanhoe Electric by 33.6% during the 2nd quarter. Sei Investments Co. now owns 112,690 shares of the company's stock valued at $1,022,000 after purchasing an additional 28,318 shares in the last quarter. Institutional investors own 79.05% of the company's stock.

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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