Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 7.5%

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was down 7.5% on Monday . The company traded as low as $7.13 and last traded at $7.17. Approximately 652,491 shares were traded during mid-day trading, a decline of 0% from the average daily volume of 653,296 shares. The stock had previously closed at $7.75.

Analyst Upgrades and Downgrades

Separately, Scotiabank decreased their price target on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th.

Ivanhoe Electric Stock Performance

The company has a market cap of $889.76 million, a PE ratio of -6.91 and a beta of 0.81. The company has a quick ratio of 3.52, a current ratio of 3.66 and a debt-to-equity ratio of 0.22.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). Ivanhoe Electric had a negative net margin of 4,142.17% and a negative return on equity of 32.81%. The business had revenue of $0.54 million during the quarter, compared to analyst estimates of $1.00 million. Analysts forecast that Ivanhoe Electric Inc. will post -1.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently made changes to their positions in the company. MQS Management LLC bought a new stake in Ivanhoe Electric during the 1st quarter worth approximately $100,000. Principal Financial Group Inc. acquired a new stake in shares of Ivanhoe Electric during the second quarter worth $106,000. ProShare Advisors LLC lifted its position in Ivanhoe Electric by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock valued at $113,000 after acquiring an additional 1,043 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in Ivanhoe Electric in the 4th quarter worth $151,000. Finally, Sei Investments Co. boosted its stake in Ivanhoe Electric by 11.5% in the 1st quarter. Sei Investments Co. now owns 44,849 shares of the company’s stock worth $440,000 after purchasing an additional 4,610 shares during the period. 79.05% of the stock is owned by institutional investors.

About Ivanhoe Electric

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.