Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 4.4% on Analyst Downgrade

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price dropped 4.4% during trading on Monday after Scotiabank lowered their price target on the stock from $14.00 to $13.50. Scotiabank currently has a sector outperform rating on the stock. Ivanhoe Electric traded as low as $7.62 and last traded at $7.64. Approximately 57,433 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 223,954 shares. The stock had previously closed at $7.99.

Several other equities research analysts have also commented on IE. Eight Capital upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. Jefferies Financial Group lowered their price target on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently bought and sold shares of IE. Barclays PLC grew its stake in Ivanhoe Electric by 358.9% during the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock valued at $1,150,000 after purchasing an additional 106,288 shares in the last quarter. State Street Corp grew its position in shares of Ivanhoe Electric by 94.5% during the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after buying an additional 1,558,467 shares in the last quarter. Goehring & Rozencwajg Associates LLC increased its stake in shares of Ivanhoe Electric by 13.9% in the second quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after buying an additional 199,400 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Ivanhoe Electric in the third quarter valued at $162,000. Finally, SG Americas Securities LLC bought a new position in Ivanhoe Electric during the 3rd quarter valued at $431,000. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Trading Down 1.5 %

The firm has a market capitalization of $866.11 million, a price-to-earnings ratio of -4.52 and a beta of 0.66. 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 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.