Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 7.5% - Time to Buy?

Key Points

• Ivanhoe Electric shares rose 7.5% to approximately $10.75 in mid-day trading, although trading volume was 94% below the average session volume.
• Analysts remain broadly bullish, with three Buy ratings, an average consensus rating of “Buy,” and a consensus price target of $17.33. JPMorgan and Scotiabank recently lowered their targets to $20 and $16, respectively.
• The company beat quarterly EPS expectations, reporting $0.16 versus the projected $(0.12), but revenue fell short and profitability remained weak. Institutional investors own 79.05% of the stock, with several major funds increasing or initiating positions.

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s stock price traded up 7.5% during mid-day trading on Friday. The stock traded as high as $10.64 and last traded at $10.7460. 124,180 shares were traded during mid-day trading, a decline of 94% from the average session volume of 2,124,764 shares. The stock had previously closed at $10.00.

Analyst Ratings Changes

IE has been the subject of several research analyst reports. JPMorgan Chase & Co. reduced 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. Scotiabank cut their price target on Ivanhoe Electric from $18.00 to $16.00 and set a "sector outperform" rating for the company in a report on Friday, September 25th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, Ivanhoe Electric currently has an average rating of "Buy" and a consensus target price of $17.33.

Ivanhoe Electric Trading Up 2.8%

The stock has a market cap of $1.64 billion, a P/E ratio of -12.99 and a beta of 1.28. The firm has a 50-day simple moving average of $10.30 and a two-hundred day simple moving average of $11.26.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last announced its earnings results on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 company had revenue of $0.72 million during the quarter, compared to analysts' expectations of $1.00 million. Sell-side analysts predict that Ivanhoe Electric Inc. will post -0.14 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in IE. BlackRock Inc. acquired a new stake in Ivanhoe Electric during the second quarter worth approximately $146,309,000. Wellington Management Group LLP raised its holdings in Ivanhoe Electric by 24.2% in the 2nd quarter. Wellington Management Group LLP now owns 7,038,087 shares of the company's stock valued at $67,636,000 after acquiring an additional 1,371,303 shares in the last quarter. Alyeska Investment Group L.P. lifted its position in shares of Ivanhoe Electric by 1.6% during the 2nd quarter. Alyeska Investment Group L.P. now owns 6,858,654 shares of the company's stock valued at $65,912,000 after acquiring an additional 109,589 shares during the period. SailingStone Capital Partners LLC lifted its position in shares of Ivanhoe Electric by 37.6% during the 2nd quarter. SailingStone Capital Partners LLC now owns 4,195,373 shares of the company's stock valued at $40,318,000 after acquiring an additional 1,146,899 shares during the period. Finally, Primecap Management Co. CA acquired a new stake in shares of Ivanhoe Electric during the 2nd quarter worth $32,946,000. 79.05% of the stock is owned by institutional investors.

About Ivanhoe Electric

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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