Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 235,986 shares of the company’s stock after selling 3,761 shares during the period. Bank of New York Mellon Corp owned about 0.20% of Ivanhoe Electric worth $1,782,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its position in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after buying an additional 1,558,467 shares during the period. Raffles Associates LP raised its stake in shares of Ivanhoe Electric by 70.0% during the third quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock valued at $9,400,000 after purchasing an additional 457,479 shares in the last quarter. PDT Partners LLC bought a new stake in shares of Ivanhoe Electric during the third quarter valued at about $1,122,000. Barclays PLC raised its stake in shares of Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock valued at $1,150,000 after purchasing an additional 106,288 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Ivanhoe Electric by 14.5% during the third quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock valued at $3,098,000 after purchasing an additional 46,345 shares in the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Graham Richard Thomas Boyd purchased 5,000 shares of Ivanhoe Electric stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $5.83 per share, for a total transaction of $29,150.00. Following the acquisition, the vice president now directly owns 11,510 shares in the company, valued at $67,103.30. This represents a 76.80 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Jordan Neeser purchased 20,000 shares of Ivanhoe Electric stock in a transaction dated Wednesday, March 5th. The shares were purchased at an average price of $5.86 per share, with a total value of $117,200.00. Following the completion of the acquisition, the chief financial officer now owns 40,000 shares in the company, valued at $234,400. The trade was a 100.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 75,000 shares of company stock worth $434,350 in the last three months. 10.50% of the stock is owned by insiders.

Ivanhoe Electric Price Performance

NYSEAMERICAN:IE opened at $6.98 on Friday. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. Ivanhoe Electric Inc. has a fifty-two week low of $5.34 and a fifty-two week high of $12.98. The firm’s 50-day simple moving average is $6.36. The stock has a market cap of $842.97 million, a PE ratio of -4.39 and a beta of 0.74.

Wall Street Analysts Forecast Growth

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

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.