Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down - Here's Why

Key Points

• Ivanhoe Electric shares fell 4.1%, opening at $10.26 versus the prior close of $10.90 and later trading near $10.04.
• JPMorgan lowered its price target from $21 to $20 but maintained an “overweight” rating. Analysts overall remain bullish, with a consensus “Buy” rating and $17.83 target price.
• The company exceeded quarterly EPS expectations, reporting $0.16 versus the projected loss of $0.12, but revenue fell short of estimates and profitability remained weak. Institutional investors own approximately 79.05% of the stock.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $10.90, but opened at $10.26. Ivanhoe Electric shares last traded at $10.0440, with a volume of 544,700 shares trading hands.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. reduced their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Thursday, July 9th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $17.83.

Ivanhoe Electric Trading Down 4.1%

The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of -13.28 and a beta of 1.26. The company has a 50 day moving average price of $9.96 and a 200 day moving average price of $11.81.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.28. The firm had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. Equities analysts predict that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IE. Invesco Ltd. lifted its stake in Ivanhoe Electric by 3.8% in the second quarter. Invesco Ltd. now owns 33,674 shares of the company's stock valued at $305,000 after buying an additional 1,247 shares during the period. KBC Group NV bought a new position in Ivanhoe Electric during the 1st quarter worth approximately $28,000. BNP Paribas Financial Markets grew its holdings in Ivanhoe Electric by 43.6% during the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company's stock valued at $73,000 after purchasing an additional 2,449 shares during the period. Swiss National Bank increased its stake in Ivanhoe Electric by 1.5% in the third quarter. Swiss National Bank now owns 167,100 shares of the company's stock valued at $2,097,000 after purchasing an additional 2,500 shares in the last quarter. Finally, Banque Cantonale Vaudoise increased its stake in Ivanhoe Electric by 13.5% in the first quarter. Banque Cantonale Vaudoise now owns 22,700 shares of the company's stock valued at $268,000 after purchasing an additional 2,700 shares in the last quarter. 79.05% of the stock is currently owned by institutional investors.

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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