Arizona State Retirement System Buys Shares of 22,711 Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Arizona State Retirement System bought a new stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IEFree Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 22,711 shares of the company’s stock, valued at approximately $171,000.

Several other hedge funds have also bought and sold shares of IE. State Street Corp lifted its holdings in shares of Ivanhoe Electric by 94.5% in the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after acquiring an additional 1,558,467 shares during the last quarter. Raffles Associates LP lifted its holdings in shares of Ivanhoe Electric by 70.0% in the 3rd quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock worth $9,400,000 after acquiring an additional 457,479 shares during the last quarter. PDT Partners LLC bought a new stake in shares of Ivanhoe Electric in the 3rd quarter worth approximately $1,122,000. Barclays PLC lifted its holdings in shares of Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after acquiring an additional 106,288 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of Ivanhoe Electric by 14.5% in the 3rd quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock worth $3,098,000 after acquiring an additional 46,345 shares during the last quarter. 79.05% of the stock is currently owned by institutional investors.

Insider Activity at Ivanhoe Electric

In related news, VP Graham Richard Thomas Boyd bought 5,000 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the completion of the purchase, the vice president now directly owns 11,510 shares of the company’s stock, valued at approximately $67,103.30. This trade represents a 76.80 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph Taylor Melvin bought 50,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was bought at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the purchase, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at $4,209,137.28. The trade was a 7.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 75,000 shares of company stock worth $434,350 over the last three months. 10.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their target price on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Scotiabank cut their price objective on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research report on Monday, January 6th. Finally, Jefferies Financial Group cut their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 6th.

Read Our Latest Stock Report on Ivanhoe Electric

Ivanhoe Electric Stock Up 4.3 %

Shares of IE opened at $6.05 on Monday. The company has a market capitalization of $730.66 million, a P/E ratio of -3.81 and a beta of 0.74. The stock has a fifty day moving average of $6.49. Ivanhoe Electric Inc. has a 52-week low of $5.34 and a 52-week high of $12.98. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50.

Ivanhoe Electric Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Ivanhoe Electric (NYSEAMERICAN:IE)

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