Ivanhoe Electric Target of Unusually Large Options Trading (NYSEAMERICAN:IE)

Key Points

• Unusually high options activity: Investors purchased 9,496 Ivanhoe Electric call options, about 511% above the stock’s typical daily call volume.
• Institutional ownership is substantial: Major investors including BlackRock, T. Rowe Price and Alyeska Investment Group increased or initiated positions, with institutions and hedge funds owning 79.05% of the company.
• Shares rose 4.9% to $10.86: Analysts maintain a consensus “Buy” rating with an average price target of $17.83, despite the company’s negative net margin and projected full-year loss.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) was the recipient of some unusual options trading on Friday. Investors purchased 9,496 call options on the stock. This represents an increase of approximately 511% compared to the typical daily volume of 1,554 call options.

Institutional Investors Weigh In On Ivanhoe Electric

A number of large investors have recently made changes to their positions in IE. BlackRock Inc. acquired a new stake in shares of Ivanhoe Electric in the second quarter valued at about $146,309,000. Price T Rowe Associates Inc. MD raised its holdings in Ivanhoe Electric by 114.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company's stock valued at $202,493,000 after acquiring an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in shares of Ivanhoe Electric by 259.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company's stock valued at $120,686,000 after purchasing an additional 5,451,646 shares in the last quarter. Primecap Management Co. CA bought a new stake in Ivanhoe Electric in the 2nd quarter valued at $32,946,000. Finally, MFN Partners Management LP acquired a new position in shares of Ivanhoe Electric in the 2nd quarter valued at $24,536,166. Institutional investors and hedge funds own 79.05% of the company's stock.

Ivanhoe Electric Trading Up 4.9%

IE stock traded up $0.51 during trading hours on Friday, hitting $10.86. 410,252 shares of the stock traded hands, compared to its average volume of 2,100,774. The stock has a 50-day simple moving average of $9.98 and a 200 day simple moving average of $11.77. Ivanhoe Electric has a one year low of $7.86 and a one year high of $21.55. The company has a market cap of $1.73 billion, a P/E ratio of -13.80 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $1.00 million. Analysts forecast that Ivanhoe Electric will post -0.23 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lowered their target price 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. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $17.83.

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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