Ivanhoe Electric (NYSEAMERICAN:IE) Announces Earnings Results, Misses Expectations By $0.10 EPS

Ivanhoe Electric (NYSEAMERICAN:IE) announced its earnings results on Thursday. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.10), FiscalAI reports. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. The business had revenue of $0.71 million for the quarter, compared to analysts’ expectations of $0.72 million.

Ivanhoe Electric Trading Up 7.8%

Ivanhoe Electric stock traded up $0.55 during trading hours on Friday, reaching $7.58. 2,383,788 shares of the company were exchanged, compared to its average volume of 2,499,054. The stock has a 50-day moving average of $9.39 and a 200 day moving average of $11.90. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of -8.92 and a beta of 1.34. Ivanhoe Electric has a 12 month low of $6.70 and a 12 month high of $21.55.

Wall Street Analysts Forecast Growth

IE has been the subject of several analyst reports. JPMorgan Chase & Co. cut their target price on shares of Ivanhoe Electric from $20.00 to $15.00 and set an “overweight” rating for the company in a research note on Wednesday, October 7th. Scotiabank dropped their price target on shares of Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $15.50.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of critical minerals, including copper, nickel and other metals needed for electrification and energy infrastructure. The company’s exploration activities are primarily concentrated in the United States, with additional opportunities in international markets.

The company’s project portfolio includes the Santa Cruz Copper Project in Arizona and the Tintic Project in Utah, along with other exploration properties.