Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Significant Growth in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 7,370,000 shares, a growth of 8.1% from the August 15th total of 6,820,000 shares. Approximately 10.1% of the shares of the stock are sold short. Based on an average daily volume of 859,600 shares, the short-interest ratio is currently 8.6 days.

Ivanhoe Electric Price Performance

Shares of IE stock traded up $0.07 during trading hours on Wednesday, reaching $7.43. 226,534 shares of the stock were exchanged, compared to its average volume of 657,917. Ivanhoe Electric has a 12-month low of $6.31 and a 12-month high of $13.95. The company has a current ratio of 3.66, a quick ratio of 3.52 and a debt-to-equity ratio of 0.22. The stock has a market cap of $894.57 million, a PE ratio of -6.88 and a beta of 0.81.

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 analysts’ consensus estimates 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 company had revenue of $0.54 million for the quarter, compared to the consensus estimate of $1.00 million. Equities research analysts anticipate that Ivanhoe Electric will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On Ivanhoe Electric

Several large investors have recently modified their holdings of the business. Mak Capital One LLC raised its holdings in shares of Ivanhoe Electric by 21.6% in the 2nd quarter. Mak Capital One LLC now owns 1,780,872 shares of the company’s stock valued at $16,705,000 after purchasing an additional 316,903 shares in the last quarter. Goehring & Rozencwajg Associates LLC raised its holdings in shares of Ivanhoe Electric by 13.9% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock valued at $15,301,000 after purchasing an additional 199,400 shares in the last quarter. Old West Investment Management LLC raised its holdings in shares of Ivanhoe Electric by 2.2% in the 2nd quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock valued at $1,495,000 after purchasing an additional 3,369 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Ivanhoe Electric by 34.8% in the 2nd quarter. Rhumbline Advisers now owns 104,179 shares of the company’s stock valued at $977,000 after purchasing an additional 26,909 shares in the last quarter. Finally, Principal Financial Group Inc. bought a new position in shares of Ivanhoe Electric during the 2nd quarter worth approximately $106,000. Institutional investors own 79.05% of the company’s stock.

Analysts Set New Price Targets

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

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.