Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 8.8% - Here's Why

Key Points

• Ivanhoe Electric shares surged 8.8% to $10.87, although trading volume was 91% below the stock’s average daily volume.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $17.83; JPMorgan modestly lowered its target from $21 to $20 while maintaining an “overweight” rating.
• The company beat quarterly EPS expectations, reporting $0.16 versus the projected $(0.12), but revenue of $0.72 million fell short of the $1 million estimate and profitability remained weak.

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shot up 8.8% during trading on Tuesday . The stock traded as high as $10.87 and last traded at $10.87. 195,576 shares were traded during trading, a decline of 91% from the average daily volume of 2,088,194 shares. The stock had previously closed at $9.99.

Wall Street Analysts Forecast Growth

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

Ivanhoe Electric Trading Up 12.6%

The firm has a 50 day simple moving average of $9.90 and a 200 day simple moving average of $11.87. The firm has a market capitalization of $1.80 billion, a PE ratio of -14.23 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last posted its 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 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%. 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

Hedge funds have recently bought and sold shares of the business. Amundi lifted its stake in Ivanhoe Electric by 109.0% during the 2nd quarter. Amundi now owns 29,348 shares of the company's stock valued at $282,000 after acquiring an additional 15,308 shares during the period. California State Teachers Retirement System grew its stake in shares of Ivanhoe Electric by 994.8% in the second quarter. California State Teachers Retirement System now owns 1,338,116 shares of the company's stock worth $139,242,000 after acquiring an additional 1,215,888 shares during the period. AlphaGrep UK Ltd purchased a new position in shares of Ivanhoe Electric during the second quarter valued at approximately $187,000. Moore Capital Management LP purchased a new position in shares of Ivanhoe Electric during the second quarter valued at approximately $3,146,000. Finally, Alyeska Investment Group L.P. raised its holdings in shares of Ivanhoe Electric by 1.6% during the second quarter. Alyeska Investment Group L.P. now owns 6,858,654 shares of the company's stock valued at $65,912,000 after purchasing an additional 109,589 shares during the last quarter. Hedge funds and other institutional investors own 79.05% of the company's stock.

About Ivanhoe Electric

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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