Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 9.4%

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price was up 9.4% during mid-day trading on Tuesday . The company traded as high as $8.11 and last traded at $8.11. Approximately 38,469 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 684,647 shares. The stock had previously closed at $7.41.

Analysts Set New Price Targets

Separately, Scotiabank cut 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.

Ivanhoe Electric Stock Up 9.7 %

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 firm has a market capitalization of $978.85 million, a PE ratio of -7.58 and a beta of 0.81.

Ivanhoe Electric (NYSEAMERICAN:IE) last released 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). 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 analysts’ expectations of $1.00 million. As a group, sell-side analysts predict that Ivanhoe Electric Inc. will post -1.32 EPS for the current fiscal year.

Institutional Trading of Ivanhoe Electric

Several large investors have recently added to or reduced their stakes in the business. Mak Capital One LLC boosted its position in shares of Ivanhoe Electric by 21.6% in the second quarter. Mak Capital One LLC now owns 1,780,872 shares of the company’s stock worth $16,705,000 after purchasing an additional 316,903 shares during the period. Goehring & Rozencwajg Associates LLC boosted its position in shares of Ivanhoe Electric by 13.9% in the second quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after purchasing an additional 199,400 shares during the period. Vanguard Group Inc. boosted its position in shares of Ivanhoe Electric by 6.7% in the first quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock worth $6,689,000 after purchasing an additional 42,843 shares during the period. Jennison Associates LLC boosted its position in shares of Ivanhoe Electric by 2.8% in the first quarter. Jennison Associates LLC now owns 547,651 shares of the company’s stock worth $5,367,000 after purchasing an additional 15,081 shares during the period. Finally, Primecap Management Co. CA boosted its position in shares of Ivanhoe Electric by 3.7% in the fourth quarter. Primecap Management Co. CA now owns 425,800 shares of the company’s stock worth $4,292,000 after purchasing an additional 15,002 shares during the period. 79.05% of the stock is currently owned by institutional investors.

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.