Ivanhoe Electric (NYSEAMERICAN:IE) Trading 5.3% Higher – Still a Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) rose 5.3% during mid-day trading on Wednesday . The company traded as high as $9.73 and last traded at $9.73. Approximately 53,998 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 672,782 shares. The stock had previously closed at $9.24.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on IE shares. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th. Scotiabank cut their price objective on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th.

Ivanhoe Electric Stock Up 4.5 %

The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.52 and a current ratio of 3.66. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -9.27 and a beta of 0.82.

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

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds have recently made changes to their positions in the business. ProShare Advisors LLC grew its position in shares of 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 acquiring an additional 1,043 shares during the period. Capstone Investment Advisors LLC grew 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 period. Old West Investment Management LLC raised its stake in 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 during the period. Sei Investments Co. lifted its position in shares of Ivanhoe Electric by 11.5% in the first quarter. Sei Investments Co. now owns 44,849 shares of the company’s stock valued at $440,000 after buying an additional 4,610 shares during the last quarter. Finally, Creative Planning lifted its position in shares of Ivanhoe Electric by 33.9% in the third quarter. Creative Planning now owns 18,347 shares of the company’s stock valued at $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 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.