Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 7.3% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price was down 7.3% during trading on Thursday . The company traded as low as $13.83 and last traded at $13.8420. Approximately 640,971 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 2,062,699 shares. The stock had previously closed at $14.94.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lowered their price target on shares of Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $17.88.

Ivanhoe Electric Trading Down 7.6%

The stock’s 50-day moving average price is $13.16 and its 200-day moving average price is $14.76. The company has a market cap of $2.19 billion, a P/E ratio of -17.04 and a beta of 1.16.

Insiders Place Their Bets

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin sold 6,808 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $13.20, for a total transaction of $89,865.60. Following the completion of the sale, the chief executive officer owned 626,110 shares in the company, valued at approximately $8,264,652. The trade was a 1.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Graham Richard Thomas Boyd sold 11,147 shares of the business’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $13.20, for a total transaction of $147,140.40. Following the sale, the vice president directly owned 183,079 shares of the company’s stock, valued at approximately $2,416,642.80. The trade was a 5.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 183,912 shares of company stock worth $2,831,321 in the last quarter. Insiders own 12.06% of the company’s stock.

Institutional Investors Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently bought and sold shares of IE. KBC Group NV purchased a new position in Ivanhoe Electric during the 1st quarter worth $28,000. FNY Investment Advisers LLC purchased a new position in Ivanhoe Electric during the fourth quarter worth about $56,000. Summit Securities Group LLC grew its position in Ivanhoe Electric by 146.5% in the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock worth $71,000 after purchasing an additional 18,900 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Ivanhoe Electric by 146.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock worth $57,000 after purchasing an additional 3,713 shares in the last quarter. Finally, IFP Advisors Inc increased its stake in Ivanhoe Electric by 138.1% in the 3rd quarter. IFP Advisors Inc now owns 6,408 shares of the company’s stock valued at $83,000 after buying an additional 3,717 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.