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:IE) 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.

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

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.