Invst LLC Buys Shares of 132,817 Ivanhoe Electric Inc. $IE

Invst LLC purchased a new stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 132,817 shares of the company’s stock, valued at approximately $1,276,000.

A number of other hedge funds have also modified their holdings of IE. JPMorgan Chase & Co. increased its stake in shares of Ivanhoe Electric by 24.9% in the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock worth $813,000 after acquiring an additional 17,896 shares during the last quarter. Rhumbline Advisers grew its stake in Ivanhoe Electric by 7.7% in the second quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock valued at $1,100,000 after purchasing an additional 8,622 shares in the last quarter. Invesco Ltd. grew its stake in Ivanhoe Electric by 3.8% in the second quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock valued at $305,000 after purchasing an additional 1,247 shares in the last quarter. Sei Investments Co. increased its position in Ivanhoe Electric by 33.6% in the 2nd quarter. Sei Investments Co. now owns 112,690 shares of the company’s stock worth $1,022,000 after purchasing an additional 28,318 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Ivanhoe Electric by 42.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company’s stock worth $12,273,000 after purchasing an additional 378,760 shares during the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

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 company has a fifty day simple moving average of $9.84 and a 200 day simple moving average of $12.25. The firm has a market cap of $1.90 billion, a PE ratio of -15.08 and a beta of 1.24.

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

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. cut their price target on 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 investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $17.83.

Ivanhoe Electric Profile

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.