Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 6.1% – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares were down 6.1% during trading on Tuesday . The stock traded as low as $5.48 and last traded at $5.46. Approximately 109,276 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 712,518 shares. The stock had previously closed at $5.81.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on IE shares. Scotiabank cut their price objective on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research report on Monday, January 6th. Jefferies Financial Group reduced their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. dropped their target price on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th.

Ivanhoe Electric Trading Down 1.1 %

The firm has a market capitalization of $693.82 million, a PE ratio of -3.61 and a beta of 0.74. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The company has a 50-day simple moving average of $6.25.

Insider Buying and Selling at Ivanhoe Electric

In related news, VP Graham Richard Thomas Boyd bought 5,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the completion of the purchase, the vice president now directly owns 11,510 shares of the company’s stock, valued at $67,103.30. This represents a 76.80 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Joseph Taylor Melvin purchased 50,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was 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 directly owns 730,753 shares of the company’s stock, valued at $4,209,137.28. This trade represents a 7.34 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 75,000 shares of company stock worth $434,350. Company insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of large investors have recently bought and sold shares of the business. Generali Investments CEE investicni spolecnost a.s. purchased a new position in Ivanhoe Electric during the fourth quarter valued at $80,000. BNP Paribas Financial Markets purchased a new position in Ivanhoe Electric in the 4th quarter valued at about $89,000. Eagle Global Advisors LLC acquired a new stake in Ivanhoe Electric in the 4th quarter worth about $100,000. KLP Kapitalforvaltning AS acquired a new stake in Ivanhoe Electric in the 4th quarter worth about $103,000. Finally, Ameriprise Financial Inc. purchased a new stake in Ivanhoe Electric during the 4th quarter worth approximately $104,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

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.