JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Ivanhoe Electric (NYSEAMERICAN:IE) Stock

Key Points

• JPMorgan Chase & Co. has increased its price target for Ivanhoe Electric (NYSEAMERICAN:IE) from $14.00 to $18.00, reflecting an anticipated upside of 18.77% based on current stock prices.
• Ivanhoe Electric has received multiple positive ratings from analysts, with five analysts issuing a Buy rating and an overall consensus rating of "Buy." The average target price among analysts is currently set at $14.60.
• Insider selling has been reported, with VP Graham Richard Thomas Boyd selling over 134,000 shares, resulting in a significant decrease in his ownership stake by nearly 41%.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $14.00 to $18.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective points to a potential upside of 18.77% from the company's current price.

Several other equities analysts also recently issued reports on the company. Cantor Fitzgerald started coverage on Ivanhoe Electric in a research report on Thursday, August 21st. They issued an "overweight" rating and a $17.00 target price for the company. Raymond James Financial upgraded Ivanhoe Electric to a "moderate buy" rating and set a $15.00 target price for the company in a research report on Monday, June 30th. Scotiabank reiterated an "outperform" rating on shares of Ivanhoe Electric in a research report on Tuesday, June 24th. National Bankshares assumed coverage on Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an "outperform" rating for the company. Finally, National Bank Financial upgraded Ivanhoe Electric to a "strong-buy" rating in a research report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company's stock. According to MarketBeat, Ivanhoe Electric currently has a consensus rating of "Buy" and an average price target of $14.60.

Ivanhoe Electric Price Performance

Shares of NYSEAMERICAN:IE opened at $15.16 on Thursday. Ivanhoe Electric has a 52 week low of $4.50 and a 52 week high of $15.82. The company has a market cap of $2.01 billion, a P/E ratio of -24.85 and a beta of 0.98. The company has a quick ratio of 3.84, a current ratio of 3.84 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $9.94 and a 200-day simple moving average of $8.48.

Insiders Place Their Bets

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd sold 134,059 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $8.92, for a total transaction of $1,195,806.28. Following the completion of the sale, the vice president directly owned 194,226 shares of the company's stock, valued at approximately $1,732,495.92. This represents a 40.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IE. Jennison Associates LLC increased its stake in Ivanhoe Electric by 7.4% during the first quarter. Jennison Associates LLC now owns 705,716 shares of the company's stock worth $4,100,000 after purchasing an additional 48,332 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in shares of Ivanhoe Electric by 231.5% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 53,800 shares of the company's stock worth $313,000 after buying an additional 37,570 shares in the last quarter. Vestcor Inc grew its position in shares of Ivanhoe Electric by 191.5% during the first quarter. Vestcor Inc now owns 722,781 shares of the company's stock worth $4,199,000 after buying an additional 474,800 shares in the last quarter. Goehring & Rozencwajg Associates LLC grew its position in shares of Ivanhoe Electric by 2.3% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 1,713,186 shares of the company's stock worth $10,844,000 after buying an additional 37,719 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Ivanhoe Electric by 10.7% during the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company's stock worth $29,851,000 after buying an additional 496,058 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company's stock.

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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