Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 7.2% on Analyst Downgrade

Key Points

• Ivanhoe Electric shares fell 7.2% to about $9.64 after JPMorgan lowered its price target from $20 to $15, while maintaining an overweight rating.
• Scotiabank also reduced its price target to $16, but retained a sector outperform rating. Despite the cuts, analysts maintain an average “Buy” rating and a consensus price target of $15.67.
• Institutional investors own 79.05% of the company, with several funds increasing their positions during the second quarter. Ivanhoe Electric reported quarterly EPS of $0.16, beating expectations, but revenue of $0.72 million came in below estimates.

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) were down 7.2% during mid-day trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $20.00 to $15.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Ivanhoe Electric traded as low as $9.64 and last traded at $9.6360. 572,740 shares were traded during trading, a decline of 73% from the average session volume of 2,120,764 shares. The stock had previously closed at $10.38.

Separately, Scotiabank reduced their price objective on Ivanhoe Electric from $18.00 to $16.00 and set a "sector outperform" rating on the stock in a research note on Friday, September 25th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Ivanhoe Electric currently has an average rating of "Buy" and an average price target of $15.67.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Tidal Investments LLC lifted its position in Ivanhoe Electric by 76.5% during the 2nd quarter. Tidal Investments LLC now owns 175,799 shares of the company's stock worth $1,649,000 after acquiring an additional 76,199 shares in the last quarter. SailingStone Capital Partners LLC lifted its position in shares of Ivanhoe Electric by 37.6% during the second quarter. SailingStone Capital Partners LLC now owns 4,195,373 shares of the company's stock worth $40,318,000 after purchasing an additional 1,146,899 shares in the last quarter. Arizona State Retirement System boosted its stake in shares of Ivanhoe Electric by 31.5% in the second quarter. Arizona State Retirement System now owns 33,664 shares of the company's stock valued at $324,000 after purchasing an additional 8,066 shares during the period. Amundi lifted its holdings in Ivanhoe Electric by 109.0% in the 2nd quarter. Amundi now owns 29,348 shares of the company's stock worth $282,000 after buying an additional 15,308 shares in the last quarter. Finally, AlphaGrep UK Ltd purchased a new position in Ivanhoe Electric in the 2nd quarter valued at about $187,000. Institutional investors and hedge funds own 79.05% of the company's stock.

Ivanhoe Electric Stock Down 6.6%

The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -12.26 and a beta of 1.28. The firm has a 50 day moving average price of $10.37 and a two-hundred day moving average price of $11.21.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last issued its quarterly earnings results on Friday, August 7th. 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 business had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. Analysts predict that Ivanhoe Electric Inc. will post -0.14 earnings per share for the current year.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral exploration and technology company focused on the discovery and development of critical mineral deposits. Its exploration activities primarily target copper, nickel, gold and other metals used in electrification, renewable energy infrastructure and advanced technologies.

The company combines conventional geological exploration with its proprietary Typhoon geophysical survey system. Typhoon is designed to identify potential mineral deposits beneath the surface by collecting large-scale electrical data, helping guide drilling and exploration decisions.

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