Ivanhoe Electric (NYSEAMERICAN:IE) Issues Earnings Results, Misses Estimates By $0.10 EPS

Ivanhoe Electric (NYSEAMERICAN:IE) posted its quarterly earnings data on Thursday. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.10), FiscalAI reports. The firm had revenue of $0.71 million for the quarter, compared to analysts’ expectations of $0.72 million. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.

Ivanhoe Electric Price Performance

Shares of IE traded up $0.55 during mid-day trading on Friday, reaching $7.58. The company had a trading volume of 2,383,788 shares, compared to its average volume of 2,499,054. Ivanhoe Electric has a twelve month low of $6.70 and a twelve month high of $21.55. The company’s 50-day moving average is $9.39 and its 200-day moving average is $11.90. The company has a market capitalization of $1.21 billion, a P/E ratio of -8.92 and a beta of 1.34.

Wall Street Analyst Weigh In

Several brokerages recently commented on IE. Scotiabank lowered their price target on Ivanhoe Electric from $18.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Friday, September 25th. JPMorgan Chase & Co. decreased their target price on shares of Ivanhoe Electric from $20.00 to $15.00 and set an “overweight” rating for the company in a research report on Wednesday, October 7th. Two investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat, Ivanhoe Electric has an average rating of “Buy” and an average target price of $15.50.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of critical minerals, including copper, nickel and other metals needed for electrification and energy infrastructure. The company’s exploration activities are primarily concentrated in the United States, with additional opportunities in international markets.

The company’s project portfolio includes the Santa Cruz Copper Project in Arizona and the Tintic Project in Utah, along with other exploration properties.