Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 4.4% – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price rose 4.4% during trading on Friday . The company traded as high as $6.62 and last traded at $6.61. Approximately 416,371 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 684,425 shares. The stock had previously closed at $6.33.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on IE. JPMorgan Chase & Co. lowered their price target on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Scotiabank lowered their price target on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research report on Monday, January 6th. Finally, Jefferies Financial Group lowered their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, January 6th.

Ivanhoe Electric Stock Up 10.3 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. The firm has a 50 day moving average price of $6.36. The firm has a market cap of $842.97 million, a price-to-earnings ratio of -4.39 and a beta of 0.74.

Insider Buying and Selling at Ivanhoe Electric

In related news, VP Graham Richard Thomas Boyd bought 5,000 shares of the stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $5.83 per share, with a total value of $29,150.00. Following the completion of the acquisition, the vice president now owns 11,510 shares of the company’s stock, valued at $67,103.30. This trade represents a 76.80 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Jordan Neeser bought 20,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were bought at an average cost of $5.86 per share, with a total value of $117,200.00. Following the completion of the acquisition, the chief financial officer now directly 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. Insiders have bought 75,000 shares of company stock worth $434,350 over the last quarter. 10.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IE. State Street Corp grew its holdings in Ivanhoe Electric by 94.5% in the 3rd 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. Price T Rowe Associates Inc. MD grew its holdings in Ivanhoe Electric by 13.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company’s stock worth $36,566,000 after buying an additional 589,456 shares in the last quarter. Legal & General Group Plc lifted its position in Ivanhoe Electric by 59.8% in the fourth quarter. Legal & General Group Plc now owns 1,323,372 shares of the company’s stock worth $9,991,000 after purchasing an additional 495,325 shares during the period. Raffles Associates LP lifted its position in Ivanhoe Electric by 70.0% in the third quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock worth $9,400,000 after purchasing an additional 457,479 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Ivanhoe Electric by 78.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 917,272 shares of the company’s stock worth $6,995,000 after purchasing an additional 402,879 shares during the period. 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.