Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 1-Year Low – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $6.31 and last traded at $6.35, with a volume of 596969 shares. The stock had previously closed at $6.58.

Analyst Ratings Changes

Several brokerages recently commented on IE. JPMorgan Chase & Co. reduced their target price on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Thursday, January 16th. Jefferies Financial Group decreased their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Scotiabank lowered their target price on shares of 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. Finally, Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th.

Ivanhoe Electric Stock Down 3.5 %

The firm has a market capitalization of $764.92 million, a P/E ratio of -3.99 and a beta of 0.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings results on Friday, November 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by ($0.02). Ivanhoe Electric had a negative net margin of 5,947.19% and a negative return on equity of 59.78%. The business had revenue of $0.67 million during the quarter, compared to analyst estimates of $1.00 million. Equities analysts predict that Ivanhoe Electric Inc. will post -1.47 EPS for the current fiscal year.

Institutional Trading of Ivanhoe Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its holdings in shares of Ivanhoe Electric by 0.9% in the third quarter. The Manufacturers Life Insurance Company now owns 128,365 shares of the company’s stock valued at $1,086,000 after purchasing an additional 1,165 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Ivanhoe Electric by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock valued at $566,000 after buying an additional 1,643 shares during the last quarter. Avior Wealth Management LLC purchased a new position in shares of Ivanhoe Electric in the 3rd quarter worth approximately $32,000. nVerses Capital LLC bought a new position in shares of Ivanhoe Electric in the third quarter valued at approximately $33,000. Finally, Creative Planning grew its holdings 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 acquiring an additional 4,644 shares in 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.