Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 3.9% – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares dropped 3.9% during trading on Wednesday . The company traded as low as $8.56 and last traded at $8.59. Approximately 119,343 shares traded hands during trading, a decline of 82% from the average daily volume of 681,120 shares. The stock had previously closed at $8.94.

Wall Street Analysts Forecast Growth

IE has been the subject of a number of research analyst reports. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. Scotiabank cut their price objective on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th.

Ivanhoe Electric Stock Performance

The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.52 and a current ratio of 3.66. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -8.36 and a beta of 0.81.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.39) EPS 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 the consensus estimate of $1.00 million. On average, sell-side analysts predict that Ivanhoe Electric Inc. will post -1.39 EPS for the current fiscal year.

Hedge Funds Weigh In On Ivanhoe Electric

Large investors have recently bought and sold shares of the business. Mak Capital One LLC raised its holdings in Ivanhoe Electric by 30.2% in the fourth quarter. Mak Capital One LLC now owns 1,289,103 shares of the company’s stock worth $12,994,000 after purchasing an additional 299,018 shares during the period. Goehring & Rozencwajg Associates LLC boosted its position in shares of Ivanhoe Electric by 4.1% during the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 1,361,329 shares of the company’s stock worth $13,722,000 after purchasing an additional 53,045 shares in the last quarter. GeoSphere Capital Management LLC bought a new position in shares of Ivanhoe Electric during the fourth quarter worth $504,000. LexAurum Advisors LLC boosted its position in shares of Ivanhoe Electric by 379.8% during the first quarter. LexAurum Advisors LLC now owns 51,100 shares of the company’s stock worth $501,000 after purchasing an additional 40,450 shares in the last quarter. Finally, Capstone Investment Advisors LLC boosted its position in shares of Ivanhoe Electric by 9.0% during the first quarter. Capstone Investment Advisors LLC now owns 16,350 shares of the company’s stock worth $160,000 after purchasing an additional 1,350 shares in the last quarter. 79.05% of the stock is currently owned by institutional investors and hedge funds.

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.