Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 1-Year Low – Should You Sell?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) hit a new 52-week low on Monday . The company traded as low as $5.37 and last traded at $5.45, with a volume of 413613 shares. The stock had previously closed at $5.78.

Analyst Upgrades and Downgrades

A number of analysts recently commented on IE shares. JPMorgan Chase & Co. dropped their price target on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a research note on Thursday, January 16th. Jefferies Financial Group reduced their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, Scotiabank decreased their price target on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th.

Ivanhoe Electric Price Performance

The company has a market cap of $672.69 million, a price-to-earnings ratio of -3.50 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50. The firm’s 50 day simple moving average is $6.63.

Insiders Place Their Bets

In related news, CFO Jordan Neeser purchased 20,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was bought at an average price of $5.86 per share, with a total value of $117,200.00. Following the completion of the transaction, the chief financial officer now owns 40,000 shares of the company’s stock, valued at approximately $234,400. This represents a 100.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Graham Richard Thomas Boyd purchased 5,000 shares of Ivanhoe Electric stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $5.83 per share, for a total transaction of $29,150.00. Following the purchase, the vice president now owns 11,510 shares in the company, valued at approximately $67,103.30. This trade represents a 76.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 10.50% of the stock is owned by insiders.

Institutional Trading of Ivanhoe Electric

Several hedge funds have recently made changes to their positions in the stock. Creative Planning raised its holdings in Ivanhoe Electric by 33.9% during the third quarter. Creative Planning now owns 18,347 shares of the company’s stock worth $155,000 after purchasing an additional 4,644 shares in the last quarter. Aigen Investment Management LP acquired a new stake in shares of Ivanhoe Electric in the third quarter valued at $174,000. Euro Pacific Asset Management LLC boosted its stake in Ivanhoe Electric by 26.1% during the third quarter. Euro Pacific Asset Management LLC now owns 165,472 shares of the company’s stock valued at $1,411,000 after buying an additional 34,246 shares in the last quarter. Avior Wealth Management LLC acquired a new position in Ivanhoe Electric during the third quarter worth about $32,000. Finally, Intech Investment Management LLC bought a new stake in Ivanhoe Electric in the third quarter worth about $162,000. Institutional investors 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.