Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 7.9% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price shot up 7.9% on Monday . The company traded as high as $5.05 and last traded at $5.12. 113,727 shares traded hands during trading, a decline of 84% from the average session volume of 717,444 shares. The stock had previously closed at $4.74.

Analyst Upgrades and Downgrades

Several equities 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 for the company in a research report on Thursday, January 16th. Jefferies Financial Group cut their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Raymond James set a $15.00 price target on Ivanhoe Electric and gave the company an “outperform” rating in a research report on Friday. Finally, Scotiabank dropped their price target on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research note on Monday, January 6th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $13.63.

Ivanhoe Electric Stock Up 9.1 %

The company has a market cap of $624.38 million, a price-to-earnings ratio of -3.25 and a beta of 0.74. The company has a 50 day simple moving average of $6.10. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insider Transactions at Ivanhoe Electric

In other news, CEO Joseph Taylor Melvin purchased 50,000 shares of the stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the transaction, the chief executive officer now owns 730,753 shares of the company’s stock, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Jordan Neeser purchased 20,000 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the acquisition, the chief financial officer now owns 40,000 shares of the company’s stock, valued at approximately $234,400. The trade was a 100.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 75,000 shares of company stock worth $434,350. 10.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in shares of Ivanhoe Electric by 456.9% in the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company’s stock worth $65,000 after purchasing an additional 9,119 shares during the last quarter. Generali Investments CEE investicni spolecnost a.s. acquired a new position in shares of Ivanhoe Electric in the 4th quarter worth $80,000. BNP Paribas Financial Markets acquired a new stake in shares of Ivanhoe Electric during the fourth quarter worth $89,000. Eagle Global Advisors LLC purchased a new stake in shares of Ivanhoe Electric during the fourth quarter valued at $100,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Ivanhoe Electric in the 4th quarter valued at $103,000. Institutional investors own 79.05% of the company’s stock.

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.