Renaissance Technologies LLC Acquires Shares of 59,700 Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Renaissance Technologies LLC bought a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 59,700 shares of the company's stock, valued at approximately $451,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its position in Ivanhoe Electric by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company's stock valued at $566,000 after acquiring an additional 1,643 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Ivanhoe Electric by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 708,406 shares of the company's stock valued at $5,348,000 after buying an additional 5,535 shares during the last quarter. Bank of Montreal Can raised its position in shares of Ivanhoe Electric by 22.4% during the fourth quarter. Bank of Montreal Can now owns 33,743 shares of the company's stock worth $255,000 after acquiring an additional 6,177 shares during the last quarter. Rhumbline Advisers raised its holdings in Ivanhoe Electric by 6.5% during the 4th quarter. Rhumbline Advisers now owns 106,923 shares of the company's stock worth $807,000 after purchasing an additional 6,505 shares during the last quarter. Finally, Generali Investments CEE investicni spolecnost a.s. bought a new stake in shares of Ivanhoe Electric in the 4th quarter valued at $80,000. Institutional investors own 79.05% of the company's stock.

Ivanhoe Electric Trading Up 3.4 %

IE traded up $0.22 during midday trading on Friday, reaching $6.66. 231,104 shares of the company's stock traded hands, compared to its average volume of 757,558. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50. Ivanhoe Electric Inc. has a 52 week low of $4.50 and a 52 week high of $12.98. The stock has a market capitalization of $804.33 million, a price-to-earnings ratio of -4.19 and a beta of 0.74. The firm has a fifty day moving average of $6.02 and a two-hundred day moving average of $7.52.

Insider Buying and Selling

In related news, CFO Jordan Neeser purchased 20,000 shares of Ivanhoe Electric stock in a transaction dated Wednesday, March 5th. The stock was purchased at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the completion of the purchase, the chief financial officer now directly owns 40,000 shares of the company's stock, valued at $234,400. The trade was a 100.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Graham Richard Thomas Boyd bought 5,000 shares of the stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $5.83 per share, for a total transaction of $29,150.00. Following the acquisition, the vice president now owns 11,510 shares of the company's stock, valued at $67,103.30. This trade represents a 76.80 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 75,000 shares of company stock worth $434,350 in the last three months. 10.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Raymond James set a $15.00 price objective on Ivanhoe Electric and gave the company an "outperform" rating in a report on Friday, April 4th. JPMorgan Chase & Co. decreased their target price on shares of Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $12.88.

About Ivanhoe Electric

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.