Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 4.5% – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price traded down 4.5% during trading on Friday . The company traded as low as $7.77 and last traded at $7.84. 43,928 shares were traded during mid-day trading, a decline of 93% from the average session volume of 654,044 shares. The stock had previously closed at $8.21.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on IE. Eight Capital upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th. Scotiabank lowered their price objective on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th.

Ivanhoe Electric Trading Down 6.2 %

The stock has a market capitalization of $927.54 million, a PE ratio of -4.84 and a beta of 0.66. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

Institutional Investors Weigh In On Ivanhoe Electric

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in Ivanhoe Electric by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock worth $6,689,000 after buying an additional 42,843 shares during the last quarter. Bank of New York Mellon Corp increased its position in Ivanhoe Electric by 51.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock worth $2,746,000 after purchasing an additional 99,106 shares during the period. Principal Financial Group Inc. purchased a new position in shares of Ivanhoe Electric during the 2nd quarter worth approximately $106,000. Rhumbline Advisers lifted its holdings in shares of Ivanhoe Electric by 34.8% in the 2nd quarter. Rhumbline Advisers now owns 104,179 shares of the company’s stock valued at $977,000 after buying an additional 26,909 shares during the period. Finally, Old West Investment Management LLC boosted its stake in shares of Ivanhoe Electric by 2.2% in the second quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock valued at $1,495,000 after buying an additional 3,369 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

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.