Ivanhoe Electric (NYSEAMERICAN:IE) Trading 7.3% Higher – Still a Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price shot up 7.3% during mid-day trading on Tuesday . The stock traded as high as $10.56 and last traded at $10.5650. 914,274 shares traded hands during trading, a decline of 57% from the average daily volume of 2,121,480 shares. The stock had previously closed at $9.85.

Analyst Ratings Changes

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

Ivanhoe Electric Stock Performance

The firm has a market capitalization of $1.70 billion, a PE ratio of -13.47 and a beta of 1.26. The company has a fifty day moving average price of $10.04 and a 200-day moving average price of $11.44.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.28. The company had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. On average, equities analysts predict that Ivanhoe Electric Inc. will post -0.23 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IE. KBC Group NV acquired a new position in shares of Ivanhoe Electric during the first quarter valued at about $28,000. Banque Cantonale Vaudoise grew its holdings in Ivanhoe Electric by 13.5% during the first quarter. Banque Cantonale Vaudoise now owns 22,700 shares of the company’s stock worth $268,000 after acquiring an additional 2,700 shares during the period. Intech Investment Management LLC grew its position in Ivanhoe Electric by 15.7% during the fourth quarter. Intech Investment Management LLC now owns 33,329 shares of the company’s stock valued at $533,000 after buying an additional 4,519 shares during the period. ProShare Advisors LLC raised its holdings in Ivanhoe Electric by 32.8% in the 4th quarter. ProShare Advisors LLC now owns 19,483 shares of the company’s stock worth $311,000 after purchasing an additional 4,809 shares during the period. Finally, Janus Henderson Group PLC lifted its position in shares of Ivanhoe Electric by 4.0% during the 1st quarter. Janus Henderson Group PLC now owns 148,706 shares of the company’s stock valued at $1,757,000 after buying an additional 5,750 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

About Ivanhoe Electric

Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of copper and other critical minerals used in electrification, renewable energy and modern infrastructure. The company primarily concentrates its exploration activities in the United States.

Its principal asset is the Santa Cruz copper project in Arizona, which Ivanhoe Electric is advancing through exploration and development work. The company also holds interests in other mineral exploration properties and evaluates additional opportunities with potential to host copper, nickel, gold and related critical minerals.

Ivanhoe Electric has developed the Typhoon geophysical surveying system, a proprietary technology designed to identify subsurface mineralization by collecting and analyzing electrical data.