Ivanhoe Electric (NYSEAMERICAN:IE) Trading 8.2% Higher - Time to Buy?

Key Points

• Ivanhoe Electric shares rose 8.2% to $11.13 in Friday trading, reaching an intraday high of $11.18, although volume was 36% below the average.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $17.83; JPMorgan recently lowered its target from $21 to $20 while retaining an “overweight” rating.
• The company exceeded quarterly EPS expectations, reporting $0.16 versus the projected loss of $0.12, but revenue missed estimates and Ivanhoe Electric continues to post substantial net losses and negative return on equity.

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) were up 8.2% during trading on Friday . The company traded as high as $11.18 and last traded at $11.13. Approximately 1,343,800 shares were traded during mid-day trading, a decline of 36% from the average daily volume of 2,104,864 shares. The stock had previously closed at $10.29.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. decreased their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $17.83.

Ivanhoe Electric Stock Up 10.2%

The company has a market cap of $1.81 billion, a PE ratio of -14.35 and a beta of 1.24. The firm has a 50 day simple moving average of $9.83 and a 200-day simple moving average of $12.41.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. The firm had revenue of $0.72 million for the quarter, compared to the consensus estimate of $1.00 million. As a group, equities analysts anticipate that Ivanhoe Electric Inc. will post -0.11 EPS for the current year.

Institutional Trading of Ivanhoe Electric

A number of institutional investors have recently made changes to their positions in IE. JPMorgan Chase & Co. boosted its holdings in Ivanhoe Electric by 24.9% in the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company's stock worth $813,000 after acquiring an additional 17,896 shares in the last quarter. Rhumbline Advisers grew its position in Ivanhoe Electric by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company's stock worth $1,100,000 after purchasing an additional 8,622 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Ivanhoe Electric by 3.8% in the second quarter. Invesco Ltd. now owns 33,674 shares of the company's stock worth $305,000 after buying an additional 1,247 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Ivanhoe Electric by 33.6% during the second quarter. Sei Investments Co. now owns 112,690 shares of the company's stock worth $1,022,000 after buying an additional 28,318 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Ivanhoe Electric by 42.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company's stock worth $12,273,000 after buying an additional 378,760 shares during the period. Institutional investors and hedge funds own 79.05% of the company's stock.

Ivanhoe Electric Company Profile

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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