Ivanhoe Electric (NYSEAMERICAN:IE) Trading 8.8% Higher – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price traded up 8.8% on Tuesday . The stock traded as high as $10.87 and last traded at $10.87. 195,576 shares traded hands during trading, a decline of 91% from the average daily volume of 2,088,194 shares. The stock had previously closed at $9.99.

Analyst Upgrades and Downgrades

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

Ivanhoe Electric Stock Down 1.3%

The firm has a market cap of $1.74 billion, a P/E ratio of -13.80 and a beta of 1.26. The firm’s 50-day simple moving average is $9.96 and its 200 day simple moving average is $11.81.

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

Hedge Funds Weigh In On Ivanhoe Electric

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Ivanhoe Electric during the 2nd quarter valued at about $146,309,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Ivanhoe Electric by 114.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock valued at $202,493,000 after acquiring an additional 6,761,857 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in 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 valued at $120,686,000 after acquiring an additional 5,451,646 shares during the period. Primecap Management Co. CA bought a new position in Ivanhoe Electric during the 2nd quarter worth approximately $32,946,000. Finally, MFN Partners Management LP bought a new position in Ivanhoe Electric during the 2nd quarter worth approximately $24,536,166. 79.05% of the stock is owned by institutional investors.

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.