Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Short Interest Up 18.2% in September

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 9,660,000 shares, an increase of 18.2% from the September 15th total of 8,170,000 shares. Based on an average daily trading volume, of 812,600 shares, the days-to-cover ratio is presently 11.9 days. Approximately 13.2% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IE. Scotiabank lowered their price target on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in IE. ProShare Advisors LLC raised its position in Ivanhoe Electric by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock valued at $113,000 after buying an additional 1,043 shares during the last quarter. Capstone Investment Advisors LLC boosted its holdings in Ivanhoe Electric by 9.0% during the first quarter. Capstone Investment Advisors LLC now owns 16,350 shares of the company’s stock worth $160,000 after purchasing an additional 1,350 shares during the last quarter. Old West Investment Management LLC grew its position in Ivanhoe Electric by 2.2% in the 2nd quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock worth $1,495,000 after purchasing an additional 3,369 shares in the last quarter. Sei Investments Co. lifted its position in shares of Ivanhoe Electric by 11.5% during the 1st quarter. Sei Investments Co. now owns 44,849 shares of the company’s stock worth $440,000 after buying an additional 4,610 shares in the last quarter. Finally, Creative Planning boosted its stake in shares of Ivanhoe Electric by 33.9% in the 3rd quarter. Creative Planning now owns 18,347 shares of the company’s stock worth $155,000 after buying an additional 4,644 shares during the last quarter. 79.05% of the stock is owned by institutional investors.

Ivanhoe Electric Price Performance

NYSEAMERICAN IE traded up $0.66 during mid-day trading on Wednesday, reaching $9.90. 770,374 shares of the stock were exchanged, compared to its average volume of 676,470. The company has a market capitalization of $1.19 billion, a PE ratio of -9.20 and a beta of 0.82. The company has a quick ratio of 3.52, a current ratio of 3.66 and a debt-to-equity ratio of 0.22. Ivanhoe Electric has a one year low of $6.31 and a one year high of $12.98.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its earnings results on Wednesday, August 7th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The business had revenue of $0.54 million for the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 32.81% and a negative net margin of 4,142.17%. On average, sell-side analysts forecast that Ivanhoe Electric will post -1.39 EPS for the current year.

About Ivanhoe Electric

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.