Eight Capital Upgrades Ivanhoe Electric (NYSEAMERICAN:IE) to “Strong-Buy”

Ivanhoe Electric (NYSEAMERICAN:IE) was upgraded by investment analysts at Eight Capital to a “strong-buy” rating in a note issued to investors on Thursday, Zacks.com reports.

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

Ivanhoe Electric Stock Performance

Shares of Ivanhoe Electric stock opened at $8.71 on Thursday. The company has a quick ratio of 3.52, a current ratio of 3.66 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.05 billion, a PE ratio of -8.14 and a beta of 0.81. Ivanhoe Electric has a 1-year low of $6.31 and a 1-year high of $12.98.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted 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). The business had revenue of $0.54 million for the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative return on equity of 32.81% and a negative net margin of 4,142.17%. Equities research analysts anticipate that Ivanhoe Electric will post -1.39 earnings per share for the current fiscal year.

Institutional Trading of Ivanhoe Electric

A number of hedge funds and other institutional investors have recently modified their holdings of IE. Mak Capital One LLC lifted its position in Ivanhoe Electric by 30.2% during the 4th quarter. Mak Capital One LLC now owns 1,289,103 shares of the company’s stock valued at $12,994,000 after purchasing an additional 299,018 shares during the period. Tidal Investments LLC raised its stake in shares of Ivanhoe Electric by 432.6% during the first quarter. Tidal Investments LLC now owns 300,825 shares of the company’s stock worth $2,948,000 after buying an additional 244,341 shares during the last quarter. Goehring & Rozencwajg Associates LLC lifted its holdings in Ivanhoe Electric by 13.9% in the second quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock valued at $15,301,000 after buying an additional 199,400 shares during the period. Bank of New York Mellon Corp boosted its stake in Ivanhoe Electric by 51.2% in the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock valued at $2,746,000 after acquiring an additional 99,106 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in Ivanhoe Electric by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock worth $6,689,000 after acquiring an additional 42,843 shares during the period. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

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.