Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Significant Decrease in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 8,940,000 shares, a drop of 7.5% from the September 30th total of 9,660,000 shares. Based on an average daily volume of 790,300 shares, the short-interest ratio is presently 11.3 days. Approximately 12.3% of the shares of the company are sold short.

Ivanhoe Electric Trading Up 2.5 %

Ivanhoe Electric stock traded up $0.25 during mid-day trading on Friday, hitting $10.40. The company’s stock had a trading volume of 25,282 shares, compared to its average volume of 660,682. Ivanhoe Electric has a twelve month low of $6.31 and a twelve month high of $12.98. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -5.16 and a beta of 0.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.52 and a current ratio of 3.66.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The company 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 64.13% and a negative net margin of 8,095.90%. On average, research analysts predict that Ivanhoe Electric will post -1.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on IE. Scotiabank dropped their target price on 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 upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IE. Mak Capital One LLC boosted its position in Ivanhoe Electric by 21.6% during the 2nd quarter. Mak Capital One LLC now owns 1,780,872 shares of the company’s stock worth $16,705,000 after acquiring an additional 316,903 shares during the period. Goehring & Rozencwajg Associates LLC boosted its holdings in shares of Ivanhoe Electric by 13.9% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after purchasing an additional 199,400 shares during the period. Vanguard Group Inc. grew its position in Ivanhoe Electric by 6.7% during the first quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock valued at $6,689,000 after purchasing an additional 42,843 shares in the last quarter. Jennison Associates LLC increased its stake in Ivanhoe Electric by 2.8% in the 1st quarter. Jennison Associates LLC now owns 547,651 shares of the company’s stock valued at $5,367,000 after buying an additional 15,081 shares during the period. Finally, Tidal Investments LLC boosted its stake in shares of Ivanhoe Electric by 432.6% during the 1st quarter. Tidal Investments LLC now owns 300,825 shares of the company’s stock valued at $2,948,000 after buying an additional 244,341 shares during the period. 79.05% of the stock is owned by hedge funds and other institutional investors.

Ivanhoe Electric Company Profile

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.