Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 5.8%

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Rating) dropped 5.8% on Wednesday . The stock traded as low as $11.71 and last traded at $11.84. Approximately 29,211 shares changed hands during trading, a decline of 93% from the average daily volume of 406,796 shares. The stock had previously closed at $12.57.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IE. Raymond James lifted their target price on Ivanhoe Electric from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, February 15th. BMO Capital Markets lifted their target price on Ivanhoe Electric from $15.00 to $18.00 and gave the company an “outperform” rating in a research report on Wednesday, February 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.70.

Ivanhoe Electric Trading Down 4.7 %

The company has a quick ratio of 6.48, a current ratio of 6.82 and a debt-to-equity ratio of 0.16.

Ivanhoe Electric (NYSEAMERICAN:IE – Get Rating) last issued its earnings results on Tuesday, March 14th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.22). Ivanhoe Electric had a negative return on equity of 44.13% and a negative net margin of 4,217.06%. The company had revenue of $0.27 million during the quarter, compared to analysts’ expectations of $1.50 million. On average, research analysts expect that Ivanhoe Electric Inc. will post -0.82 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Mark Andrew Stuart Gibson sold 5,000 shares of Ivanhoe Electric stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $10.81, for a total transaction of $54,050.00. Following the completion of the transaction, the chief operating officer now directly owns 334,761 shares of the company’s stock, valued at approximately $3,618,766.41. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, COO Mark Andrew Stuart Gibson sold 5,000 shares of Ivanhoe Electric stock in a transaction dated Friday, March 24th. The shares were sold at an average price of $10.81, for a total transaction of $54,050.00. Following the completion of the transaction, the chief operating officer now directly owns 334,761 shares of the company’s stock, valued at approximately $3,618,766.41. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Evan James Macmillan Young sold 50,000 shares of Ivanhoe Electric stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $13.48, for a total transaction of $674,000.00. Following the transaction, the vice president now directly owns 2,500 shares of the company’s stock, valued at $33,700. The disclosure for this sale can be found here. Insiders sold 60,000 shares of company stock valued at $785,600 in the last three months. Corporate insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Ivanhoe Electric

Several large investors have recently modified their holdings of IE. Orion Resource Partners USA LP purchased a new stake in Ivanhoe Electric during the 4th quarter worth approximately $90,238,000. BlackRock Inc. boosted its holdings in shares of Ivanhoe Electric by 69.8% in the 1st quarter. BlackRock Inc. now owns 4,273,935 shares of the company’s stock valued at $51,928,000 after acquiring an additional 1,757,571 shares during the last quarter. Kopernik Global Investors LLC purchased a new stake in Ivanhoe Electric during the third quarter worth $9,176,000. Ontario Teachers Pension Plan Board purchased a new stake in Ivanhoe Electric during the third quarter worth $7,916,000. Finally, ETF Managers Group LLC purchased a new stake in Ivanhoe Electric during the first quarter worth $10,829,000. Institutional investors own 27.67% of the company’s stock.

Ivanhoe Electric Company Profile

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Ivanhoe Electric Inc operates as a mineral exploration and development company in the United States. It operates through Critical Metals, Technology, and Energy Storage. The company holds 84.6% interests in the Tintic copper-gold project covering an area of 65 square kilometers located in Utah. It also holds an option to acquire a 100% interest in the Santa Cruz copper project covering an area of 77.59 square kilometers located in Arizona; 75% interest in the Hog Heaven silver-gold-copper project covering an area of 24.2 square kilometers located in Montana; and 60% interest in the Ivory Coast project covering an area of 1,125 square kilometers located in the Ivory Coast.