Raffles Associates LP Acquires New Shares in Ivanhoe Electric Inc. $IE

Raffles Associates LP bought a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) during the 2nd quarter, Holdings Channel reports. The fund bought 477,077 shares of the company’s stock, valued at approximately $4,585,000. Ivanhoe Electric makes up 4.1% of Raffles Associates LP’s holdings, making the stock its 9th largest position.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. KBC Group NV acquired a new position in shares of Ivanhoe Electric during the 1st quarter worth about $28,000. Tower Research Capital LLC TRC raised its position in shares of Ivanhoe Electric by 146.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after acquiring an additional 3,713 shares during the period. Summit Securities Group LLC raised its position in shares of Ivanhoe Electric by 146.5% in the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock valued at $71,000 after acquiring an additional 18,900 shares during the period. BNP Paribas Financial Markets boosted its stake in Ivanhoe Electric by 43.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after acquiring an additional 2,449 shares during the last quarter. Finally, Fifth Third Bancorp bought a new position in Ivanhoe Electric during the 1st quarter worth approximately $81,000. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Trading Up 5.8%

IE stock opened at $11.91 on Wednesday. Ivanhoe Electric Inc. has a 1-year low of $7.86 and a 1-year high of $21.55. The firm has a market cap of $1.90 billion, a PE ratio of -15.08 and a beta of 1.24. The business’s 50-day moving average price is $9.84 and its two-hundred day moving average price is $12.25.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its quarterly earnings results on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.28. The company had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.00 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. On average, analysts forecast that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. lowered their target price on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $17.83.

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.