Stock Traders Buy High Volume of Call Options on Ivanhoe Electric (NYSEAMERICAN:IE)

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw unusually large options trading activity on Friday. Traders acquired 9,496 call options on the company. This represents an increase of approximately 511% compared to the average volume of 1,554 call options.

Ivanhoe Electric Trading Up 0.5%

Shares of Ivanhoe Electric stock opened at $10.40 on Friday. The company has a market capitalization of $1.66 billion, a P/E ratio of -13.16 and a beta of 1.26. The stock has a fifty day simple moving average of $10.00 and a 200 day simple moving average of $11.76. Ivanhoe Electric has a 12-month low of $7.86 and a 12-month high of $21.55.

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, beating the consensus estimate of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The business had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $1.00 million. On average, analysts predict that Ivanhoe Electric will post -0.23 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Ivanhoe Electric in the 2nd quarter valued at about $146,309,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Ivanhoe Electric by 114.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after buying an additional 6,761,857 shares during the last quarter. Alyeska Investment Group L.P. boosted its stake in shares of Ivanhoe Electric by 259.5% in the 4th 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 during the last quarter. Primecap Management Co. CA bought a new position in shares of Ivanhoe Electric in the second quarter valued at approximately $32,946,000. Finally, MFN Partners Management LP bought a new position in shares of Ivanhoe Electric in the second quarter valued at approximately $24,536,166. 79.05% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. dropped their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Ivanhoe Electric currently has an average rating of “Buy” and an average target price of $17.83.

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.