Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 7.3% - Should You Buy?

Key Points

• Ivanhoe Electric shares rose 7.3% to about $10.57, although trading volume was 57% below the stock’s average daily volume.
• Analyst sentiment remains positive: JPMorgan lowered its price target to $20 but kept an “overweight” rating, while the broader analyst consensus is “Buy” with a $17.83 target.
• The company beat quarterly EPS expectations, reporting $0.16 versus the projected loss of $0.12, but revenue was below estimates and the business continues to report substantial losses and negative profitability metrics.

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) were up 7.3% during trading on Tuesday . The stock traded as high as $10.56 and last traded at $10.5650. Approximately 914,274 shares changed hands during trading, a decline of 57% from the average daily volume of 2,121,480 shares. The stock had previously closed at $9.85.

Analyst Upgrades and Downgrades

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

Ivanhoe Electric Price Performance

The company has a 50 day simple moving average of $10.04 and a 200-day simple moving average of $11.44. The firm has a market cap of $1.70 billion, a PE ratio of -13.47 and a beta of 1.26.

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, beating 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 for the quarter, compared to analysts' expectations of $1.00 million. On average, sell-side analysts predict that Ivanhoe Electric Inc. will post -0.23 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. KBC Group NV bought a new stake in shares of Ivanhoe Electric during the 1st quarter valued at about $28,000. Summit Securities Group LLC boosted its holdings in shares of Ivanhoe Electric by 146.5% in the first quarter. Summit Securities Group LLC now owns 6,000 shares of the company's stock worth $71,000 after buying an additional 18,900 shares during the last quarter. Fifth Third Bancorp bought a new stake in Ivanhoe Electric during the first quarter valued at approximately $81,000. J. Derek Lewis & Associates Inc. bought a new stake in Ivanhoe Electric during the first quarter valued at approximately $118,000. Finally, GSA Capital Partners LLP purchased a new stake in Ivanhoe Electric during the second quarter valued at approximately $126,000. Institutional investors own 79.05% of the company's stock.

Ivanhoe Electric Company Profile

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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