Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 8% – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) dropped 8% during mid-day trading on Wednesday. The stock traded as low as $8.41 and last traded at $8.1420. Approximately 227,903 shares were traded during mid-day trading, a decline of 89% from the average session volume of 2,123,547 shares. The stock had previously closed at $8.85.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IE. Scotiabank lowered their price target on shares of Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating on the stock in a research report on Friday, September 25th. JPMorgan Chase & Co. cut their price objective on Ivanhoe Electric from $20.00 to $15.00 and set an “overweight” rating for the company in a research report on Wednesday, October 7th. Two investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, Ivanhoe Electric has an average rating of “Buy” and an average price target of $15.50.

Ivanhoe Electric Stock Up 6.6%

The company has a market capitalization of $1.39 billion, a price-to-earnings ratio of -11.05 and a beta of 1.28. The stock has a fifty day moving average price of $10.29 and a two-hundred day moving average price of $11.12.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.28. The business 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%. As a group, research analysts forecast that Ivanhoe Electric Inc. will post -0.14 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in shares of Ivanhoe Electric by 86.3% during the third quarter. GAMMA Investing LLC now owns 5,648 shares of the company’s stock worth $56,000 after buying an additional 2,616 shares in the last quarter. Tidal Investments LLC lifted its stake in shares of Ivanhoe Electric by 76.5% during the second quarter. Tidal Investments LLC now owns 175,799 shares of the company’s stock valued at $1,649,000 after buying an additional 76,199 shares during the period. SailingStone Capital Partners LLC boosted its position in Ivanhoe Electric by 37.6% during the second quarter. SailingStone Capital Partners LLC now owns 4,195,373 shares of the company’s stock worth $40,318,000 after acquiring an additional 1,146,899 shares during the last quarter. Arizona State Retirement System boosted its position in Ivanhoe Electric by 31.5% during the second quarter. Arizona State Retirement System now owns 33,664 shares of the company’s stock worth $324,000 after acquiring an additional 8,066 shares during the last quarter. Finally, Amundi boosted its position in Ivanhoe Electric by 109.0% during the second quarter. Amundi now owns 29,348 shares of the company’s stock worth $282,000 after acquiring an additional 15,308 shares during the last quarter. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral exploration and technology company focused on the discovery and development of critical mineral deposits. Its exploration activities primarily target copper, nickel, gold and other metals used in electrification, renewable energy infrastructure and advanced technologies.

The company combines conventional geological exploration with its proprietary Typhoon geophysical survey system. Typhoon is designed to identify potential mineral deposits beneath the surface by collecting large-scale electrical data, helping guide drilling and exploration decisions.