Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price gapped down before the market opened on Thursday . The stock had previously closed at $10.90, but opened at $10.26. Ivanhoe Electric shares last traded at $10.0440, with a volume of 544,700 shares.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. decreased their target price on Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $17.83.

Ivanhoe Electric Trading Down 4.1%

The stock’s 50 day moving average is $9.96 and its two-hundred day moving average is $11.81. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -13.28 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.28. The company had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. On average, research analysts anticipate that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Institutional Trading of Ivanhoe Electric

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in Ivanhoe Electric during the second quarter worth about $146,309,000. Price T Rowe Associates Inc. MD grew its stake in Ivanhoe Electric by 114.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock valued at $202,493,000 after purchasing an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of Ivanhoe Electric by 259.5% during the 4th 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 during the last quarter. Primecap Management Co. CA bought a new stake in shares of Ivanhoe Electric during the 2nd quarter worth approximately $32,946,000. Finally, MFN Partners Management LP bought a new stake in shares of Ivanhoe Electric during the 2nd quarter worth approximately $24,536,166. Institutional investors own 79.05% of the company’s stock.

About Ivanhoe Electric

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.