JPMorgan Chase & Co. Cuts Ivanhoe Electric (NYSEAMERICAN:IE) Price Target to $20.00

Key Points

• JPMorgan Chase & Co. lowered its price target on Ivanhoe Electric to $20 from $21 while keeping an overweight rating, implying significant upside from the prior close.
• Ivanhoe Electric shares were down about 3% and opened at $8.87, well below the new target and near the stock’s 52-week low of $8.44.
• The company recently reported a Q1 earnings miss, posting a loss of $0.26 per share versus expectations for a $0.15 loss, along with revenue of $0.86 million slightly below estimates.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) had its price objective lowered by investment analysts at JPMorgan Chase & Co. from $21.00 to $20.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would suggest a potential upside of 125.48% from the stock's previous close.

Ivanhoe Electric Trading Down 3.0%

Shares of Ivanhoe Electric stock opened at $8.87 on Thursday. Ivanhoe Electric has a 52 week low of $8.44 and a 52 week high of $21.55. The stock has a market cap of $1.40 billion, a PE ratio of -10.95 and a beta of 1.23. The company's 50-day moving average price is $11.80 and its two-hundred day moving average price is $14.09.

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

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. J. Derek Lewis & Associates Inc. purchased a new position in Ivanhoe Electric during the 1st quarter worth approximately $118,000. Bank of America Corp DE lifted its holdings in shares of Ivanhoe Electric by 535.6% in the first quarter. Bank of America Corp DE now owns 1,259,817 shares of the company's stock valued at $14,891,000 after purchasing an additional 1,061,613 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Ivanhoe Electric by 4.0% in the first quarter. Janus Henderson Group PLC now owns 148,706 shares of the company's stock worth $1,757,000 after buying an additional 5,750 shares during the period. California State Teachers Retirement System boosted its position in shares of Ivanhoe Electric by 36.6% in the first quarter. California State Teachers Retirement System now owns 122,228 shares of the company's stock worth $1,445,000 after buying an additional 32,718 shares during the period. Finally, Royal Bank of Canada grew its holdings in shares of Ivanhoe Electric by 5.0% during the first quarter. Royal Bank of Canada now owns 150,947 shares of the company's stock valued at $1,785,000 after buying an additional 7,182 shares in the last quarter. 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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