Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 7.2% on Analyst Downgrade

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price fell 7.2% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $20.00 to $15.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Ivanhoe Electric traded as low as $9.64 and last traded at $9.6360. Approximately 572,740 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 2,120,764 shares. The stock had previously closed at $10.38.

Separately, Scotiabank reduced their price target on shares of Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating on the stock in a research report on Friday, September 25th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $15.67.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Goehring & Rozencwajg Associates LLC increased its stake in shares of Ivanhoe Electric by 18.3% during the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,115,009 shares of the company’s stock valued at $24,999,000 after acquiring an additional 327,112 shares during the period. Invst LLC bought a new position in Ivanhoe Electric during the 2nd quarter valued at $1,276,000. MFN Partners Management LP bought a new position in Ivanhoe Electric during the 2nd quarter valued at $24,536,166. Moore Capital Management LP acquired a new position in shares of Ivanhoe Electric during the 2nd quarter valued at $3,146,000. Finally, Kopernik Global Investors LLC raised its stake in shares of Ivanhoe Electric by 316.1% in the 1st quarter. Kopernik Global Investors LLC now owns 1,784,170 shares of the company’s stock worth $21,089,000 after buying an additional 1,355,418 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Price Performance

The firm has a market cap of $1.55 billion, a price-to-earnings ratio of -12.26 and a beta of 1.28. The company has a fifty day moving average price of $10.37 and a two-hundred day moving average price of $11.21.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its earnings results on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.00 million. On average, research analysts expect that Ivanhoe Electric Inc. will post -0.14 earnings per share for the current fiscal year.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral exploration and technology company focused on the discovery and development of critical mineral deposits. Its exploration activities primarily target copper, nickel, gold and other metals used in electrification, renewable energy infrastructure and advanced technologies.

The company combines conventional geological exploration with its proprietary Typhoon geophysical survey system. Typhoon is designed to identify potential mineral deposits beneath the surface by collecting large-scale electrical data, helping guide drilling and exploration decisions.