Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Short Interest Down 15.8% in May

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 8,760,000 shares, a drop of 15.8% from the April 30th total of 10,400,000 shares. Based on an average trading volume of 878,000 shares, the days-to-cover ratio is currently 10.0 days. Approximately 10.4% of the shares of the company are sold short.

Analyst Ratings Changes

IE has been the topic of several recent analyst reports. 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. dropped their price target on shares of Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $12.88.

Insiders Place Their Bets

In related news, CEO Joseph Taylor Melvin acquired 50,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $5.76 per share, with a total value of $288,000.00. Following the completion of the acquisition, the chief executive officer now owns 730,753 shares of the company's stock, valued at $4,209,137.28. This trade represents a 7.34% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 10.50% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Eagle Global Advisors LLC lifted its stake in Ivanhoe Electric by 19.7% in the first quarter. Eagle Global Advisors LLC now owns 15,800 shares of the company's stock worth $92,000 after purchasing an additional 2,600 shares during the last quarter. MetLife Investment Management LLC grew its stake in shares of Ivanhoe Electric by 6.0% in the 4th quarter. MetLife Investment Management LLC now owns 51,922 shares of the company's stock worth $392,000 after buying an additional 2,948 shares during the last quarter. FNY Investment Advisers LLC increased its holdings in shares of Ivanhoe Electric by 19.0% during the first quarter. FNY Investment Advisers LLC now owns 25,000 shares of the company's stock valued at $145,000 after acquiring an additional 4,000 shares in the last quarter. California State Teachers Retirement System raised its holdings in Ivanhoe Electric by 6.5% in the fourth quarter. California State Teachers Retirement System now owns 73,530 shares of the company's stock worth $555,000 after buying an additional 4,462 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Ivanhoe Electric by 7.8% in the 4th quarter. JPMorgan Chase & Co. now owns 72,196 shares of the company's stock valued at $545,000 after acquiring an additional 5,245 shares in the last quarter. Institutional investors own 79.05% of the company's stock.

Ivanhoe Electric Stock Up 1.7%

NYSEAMERICAN:IE traded up $0.13 during trading hours on Thursday, reaching $7.80. The company had a trading volume of 668,295 shares, compared to its average volume of 805,662. Ivanhoe Electric has a twelve month low of $4.50 and a twelve month high of $12.13. The firm has a market cap of $942.01 million, a price-to-earnings ratio of -4.91 and a beta of 0.74. The business's 50-day simple moving average is $6.33 and its two-hundred day simple moving average is $7.43. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26.

Ivanhoe Electric Company Profile

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.