Scotiabank Has Lowered Expectations for Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price

Ivanhoe Electric (NYSEAMERICAN:IE) had its target price lowered by equities researchers at Scotiabank from $18.00 to $16.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s target price indicates a potential upside of 60.16% from the stock’s previous close.

Separately, JPMorgan Chase & Co. cut their price objective 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, According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $17.33.

Ivanhoe Electric Stock Performance

NYSEAMERICAN IE opened at $9.99 on Friday. Ivanhoe Electric has a 1 year low of $7.86 and a 1 year high of $21.55. The business’s fifty day moving average is $10.14 and its two-hundred day moving average is $11.36. The stock has a market capitalization of $1.59 billion, a P/E ratio of -12.65 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last released 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 business had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. On average, research analysts forecast that Ivanhoe Electric will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IE. KBC Group NV bought a new position in shares of Ivanhoe Electric in the 1st quarter valued at approximately $28,000. Banque Cantonale Vaudoise boosted its holdings in shares of Ivanhoe Electric by 13.5% during the 1st quarter. Banque Cantonale Vaudoise now owns 22,700 shares of the company’s stock worth $268,000 after buying an additional 2,700 shares during the period. Intech Investment Management LLC grew its stake in Ivanhoe Electric by 15.7% in the 4th quarter. Intech Investment Management LLC now owns 33,329 shares of the company’s stock valued at $533,000 after buying an additional 4,519 shares during the last quarter. ProShare Advisors LLC raised its holdings in Ivanhoe Electric by 32.8% in the 4th quarter. ProShare Advisors LLC now owns 19,483 shares of the company’s stock worth $311,000 after acquiring an additional 4,809 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in Ivanhoe Electric by 4.0% in the 1st quarter. Janus Henderson Group PLC now owns 148,706 shares of the company’s stock worth $1,757,000 after acquiring an additional 5,750 shares during the period. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of copper and other critical minerals used in electrification, renewable energy and modern infrastructure. The company primarily concentrates its exploration activities in the United States.

Its principal asset is the Santa Cruz copper project in Arizona, which Ivanhoe Electric is advancing through exploration and development work. The company also holds interests in other mineral exploration properties and evaluates additional opportunities with potential to host copper, nickel, gold and related critical minerals.

Ivanhoe Electric has developed the Typhoon geophysical surveying system, a proprietary technology designed to identify subsurface mineralization by collecting and analyzing electrical data.