Ivanhoe Electric (NYSEAMERICAN:IE) Stock Falls 6.2% - Should You Sell?

Key Points

• Ivanhoe Electric shares fell 6.2% to about $9.99, with trading volume roughly 34% below the average session volume.
• Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of $17.33, despite Scotiabank and JPMorgan recently lowering their targets.
• The company exceeded quarterly EPS expectations but reported just $0.72 million in revenue and continues to face significant losses; institutional investors own approximately 79.05% of the stock.

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) fell 6.2% during trading on Wednesday. The company traded as low as $10.05 and last traded at $9.9850. Approximately 1,406,767 shares changed hands during mid-day trading, a decline of 34% from the average session volume of 2,132,149 shares. The stock had previously closed at $10.64.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Scotiabank cut their price target on shares of Ivanhoe Electric from $18.00 to $16.00 and set a "sector outperform" rating for the company in a report on Friday, September 25th. JPMorgan Chase & Co. lowered their price objective on 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, Based on data from MarketBeat, Ivanhoe Electric currently has an average rating of "Buy" and a consensus target price of $17.33.

Ivanhoe Electric Price Performance

The firm has a market capitalization of $1.59 billion, a PE ratio of -12.66 and a beta of 1.26. The business's 50 day moving average is $10.26 and its two-hundred day moving average is $11.29.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last released its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.28. The business had revenue of $0.72 million during the quarter, compared to analysts' expectations of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. Analysts expect that Ivanhoe Electric Inc. will post -0.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV purchased a new stake in Ivanhoe Electric during the first quarter valued at about $28,000. Summit Securities Group LLC boosted its holdings in shares of Ivanhoe Electric by 146.5% in the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company's stock worth $71,000 after purchasing an additional 18,900 shares in the last quarter. Fifth Third Bancorp bought a new position in shares of Ivanhoe Electric during the 1st quarter valued at about $81,000. J. Derek Lewis & Associates Inc. bought a new position in shares of Ivanhoe Electric during the 1st quarter valued at about $118,000. Finally, GSA Capital Partners LLP purchased a new position in shares of Ivanhoe Electric during the 2nd quarter valued at about $126,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

About Ivanhoe Electric

Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of copper and other critical minerals used in electrification, renewable energy and modern infrastructure. The company primarily concentrates its exploration activities in the United States.

Its principal asset is the Santa Cruz copper project in Arizona, which Ivanhoe Electric is advancing through exploration and development work. The company also holds interests in other mineral exploration properties and evaluates additional opportunities with potential to host copper, nickel, gold and related critical minerals.

Ivanhoe Electric has developed the Typhoon geophysical surveying system, a proprietary technology designed to identify subsurface mineralization by collecting and analyzing electrical data.

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