Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 8.2% – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price traded up 8.2% on Friday . The stock traded as high as $11.18 and last traded at $11.13. Approximately 1,343,800 shares were traded during trading, a decline of 36% from the average daily volume of 2,104,864 shares. The stock had previously closed at $10.29.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. cut their price objective on Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the company. According to data from MarketBeat.com, Ivanhoe Electric presently has an average rating of “Buy” and an average price target of $17.83.

Ivanhoe Electric Price Performance

The business’s fifty day simple moving average is $9.83 and its two-hundred day simple moving average is $12.41. The company has a market cap of $1.81 billion, a PE ratio of -14.35 and a beta of 1.24.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The company had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $1.00 million. As a group, analysts predict that Ivanhoe Electric Inc. will post -0.11 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in Ivanhoe Electric during the second quarter valued at $146,309,000. Price T Rowe Associates Inc. MD increased its stake in shares of Ivanhoe Electric by 114.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after purchasing an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in shares of Ivanhoe Electric by 259.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock worth $120,686,000 after purchasing an additional 5,451,646 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Ivanhoe Electric by 24.2% during the 2nd quarter. Wellington Management Group LLP now owns 7,038,087 shares of the company’s stock worth $67,636,000 after purchasing an additional 1,371,303 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Ivanhoe Electric by 24.4% during the 4th quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock worth $105,140,000 after purchasing an additional 1,290,175 shares during the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Company Profile

Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company’s portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.