Ivanhoe Electric (NYSEAMERICAN:IE) Shares Climb 5.1% – Should You Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price rose 5.1% during trading on Friday. The stock traded as high as $9.12 and last traded at $9.1750. Approximately 366,696 shares were traded during trading, a decline of 83% from the average session volume of 2,136,677 shares. The stock had previously closed at $8.73.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IE. JPMorgan Chase & Co. cut their target price on Ivanhoe Electric from $20.00 to $15.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 7th. Scotiabank cut their price objective on Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating on the stock in a research note on Friday, September 25th. Two investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $15.50.

Ivanhoe Electric Trading Up 1.4%

The business’s 50-day simple moving average is $10.29 and its 200 day simple moving average is $11.12. The company has a market capitalization of $1.41 billion, a P/E ratio of -11.20 and a beta of 1.28.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%. The company had revenue of $0.72 million for the quarter, compared to the consensus estimate of $1.00 million. As a group, sell-side analysts predict that Ivanhoe Electric Inc. will post -0.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors have recently bought and sold shares of the stock. KBC Group NV purchased a new stake in shares of Ivanhoe Electric in the 1st quarter valued at approximately $28,000. GAMMA Investing LLC lifted its stake in Ivanhoe Electric by 86.3% in the 3rd quarter. GAMMA Investing LLC now owns 5,648 shares of the company’s stock worth $56,000 after acquiring an additional 2,616 shares in the last quarter. Summit Securities Group LLC grew its stake in Ivanhoe Electric by 146.5% during 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 in the last quarter. Fifth Third Bancorp acquired a new stake in shares of Ivanhoe Electric during the first quarter worth approximately $81,000. Finally, J. Derek Lewis & Associates Inc. purchased a new stake in Ivanhoe Electric in the 1st quarter worth approximately $118,000. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral exploration and technology company focused on the discovery and development of critical mineral deposits. Its exploration activities primarily target copper, nickel, gold and other metals used in electrification, renewable energy infrastructure and advanced technologies.

The company combines conventional geological exploration with its proprietary Typhoon geophysical survey system. Typhoon is designed to identify potential mineral deposits beneath the surface by collecting large-scale electrical data, helping guide drilling and exploration decisions.