Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 8.8% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares were up 8.8% on Tuesday . The company traded as high as $10.87 and last traded at $10.87. Approximately 195,576 shares traded hands during trading, a decline of 91% from the average daily volume of 2,088,194 shares. The stock had previously closed at $9.99.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. lowered their price target on 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, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $17.83.

Ivanhoe Electric Trading Up 12.6%

The firm has a market capitalization of $1.80 billion, a P/E ratio of -14.23 and a beta of 1.26. The stock has a 50 day simple moving average of $9.90 and a 200-day simple moving average of $11.87.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings data on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.28. The firm had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. As a group, sell-side analysts expect that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IE. BlackRock Inc. purchased a new position in Ivanhoe Electric during the second quarter valued at $146,309,000. Price T Rowe Associates Inc. MD grew its holdings in Ivanhoe Electric by 114.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock valued at $202,493,000 after purchasing an additional 6,761,857 shares during the period. Alyeska Investment Group L.P. increased its position in Ivanhoe Electric by 259.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock worth $120,686,000 after buying an additional 5,451,646 shares in the last quarter. Primecap Management Co. CA purchased a new stake in Ivanhoe Electric in the second quarter worth about $32,946,000. Finally, MFN Partners Management LP bought a new position in shares of Ivanhoe Electric in the second quarter worth about $24,536,166. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

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.