Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down - What's Next?

Key Points

• Ivanhoe Electric shares gapped lower, opening at $10.55 versus the prior close of $11.06 and last trading at $10.4840.
• Analysts remain broadly positive, with an average rating of “Buy” and a consensus price target of $17.83; JPMorgan lowered its target from $21 to $20 while maintaining an “overweight” rating.
• The company beat quarterly EPS expectations at $0.16 versus a forecasted loss of $0.12, although revenue of $0.72 million fell short of the $1 million estimate. Institutional investors own approximately 79.05% of the stock.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $11.06, but opened at $10.55. Ivanhoe Electric shares last traded at $10.4840, with a volume of 210,109 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lowered their target price on Ivanhoe Electric from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $17.83.

Ivanhoe Electric Price Performance

The business's 50-day simple moving average is $9.85 and its two-hundred day simple moving average is $12.08. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -12.79 and a beta of 1.24.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.16 earnings per share (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 company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.00 million. Equities research analysts forecast that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in shares of Ivanhoe Electric by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company's stock valued at $813,000 after purchasing an additional 17,896 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Ivanhoe Electric by 7.7% in the second quarter. Rhumbline Advisers now owns 121,285 shares of the company's stock valued at $1,100,000 after buying an additional 8,622 shares during the period. Invesco Ltd. raised its holdings in Ivanhoe Electric by 3.8% in the 2nd 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 last quarter. Sei Investments Co. boosted its position in Ivanhoe Electric by 33.6% during the 2nd quarter. Sei Investments Co. now owns 112,690 shares of the company's stock worth $1,022,000 after buying an additional 28,318 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ivanhoe Electric by 42.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company's stock valued at $12,273,000 after acquiring an additional 378,760 shares during the period. 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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