Insider Selling: Ivanhoe Electric (NYSEAMERICAN:IE) SVP Sells 14,863 Shares of Stock

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) SVP Glen Nickolas Kuntz sold 14,863 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $13.20, for a total value of $196,191.60. Following the completion of the transaction, the senior vice president owned 32,768 shares in the company, valued at $432,537.60. The trade was a 31.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Ivanhoe Electric Price Performance

NYSEAMERICAN IE traded up $0.15 during trading hours on Monday, hitting $13.28. 2,247,970 shares of the company’s stock traded hands, compared to its average volume of 1,959,510. The company has a market capitalization of $2.09 billion, a PE ratio of -16.81 and a beta of 0.97. Ivanhoe Electric Inc. has a 52-week low of $4.50 and a 52-week high of $21.55. The firm’s 50-day moving average is $16.99 and its 200-day moving average is $14.24.

Institutional Trading of Ivanhoe Electric

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Invesco Ltd. increased its holdings in shares of Ivanhoe Electric by 643.9% during the 4th quarter. Invesco Ltd. now owns 359,268 shares of the company’s stock worth $5,741,000 after buying an additional 310,972 shares during the last quarter. Empowered Funds LLC purchased a new position in Ivanhoe Electric in the fourth quarter worth approximately $268,000. XTX Topco Ltd purchased a new position in Ivanhoe Electric in the fourth quarter worth approximately $697,000. Voloridge Investment Management LLC increased its stake in Ivanhoe Electric by 176.6% during the fourth quarter. Voloridge Investment Management LLC now owns 200,990 shares of the company’s stock worth $3,212,000 after acquiring an additional 128,323 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in Ivanhoe Electric by 308.8% during the fourth quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company’s stock worth $47,496,000 after acquiring an additional 2,245,110 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. upped their target price on Ivanhoe Electric from $18.00 to $22.00 and gave the company an “overweight” rating in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. According to MarketBeat.com, Ivanhoe Electric currently has an average rating of “Buy” and an average target price of $18.13.

About Ivanhoe Electric

Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company’s portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.