Covalis Capital LLP Buys Shares of 392,701 Ivanhoe Electric Inc. $IE

Covalis Capital LLP purchased a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) during the second quarter, Holdings Channel.com reports. The fund purchased 392,701 shares of the company’s stock, valued at approximately $3,562,000.

Several other institutional investors and hedge funds have also made changes to their positions in IE. Eagle Global Advisors LLC raised its holdings in Ivanhoe Electric by 7.6% during the second quarter. Eagle Global Advisors LLC now owns 17,000 shares of the company’s stock worth $154,000 after purchasing an additional 1,200 shares in the last quarter. Teacher Retirement System of Texas increased its position in shares of Ivanhoe Electric by 13.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 13,033 shares of the company’s stock valued at $118,000 after purchasing an additional 1,587 shares during the period. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Ivanhoe Electric by 22.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 20,628 shares of the company’s stock worth $187,000 after buying an additional 3,822 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Ivanhoe Electric by 36.4% in the second quarter. Truist Financial Corp now owns 15,000 shares of the company’s stock valued at $136,000 after buying an additional 4,000 shares during the period. Finally, Rhumbline Advisers boosted its stake in Ivanhoe Electric by 5.4% during the first quarter. Rhumbline Advisers now owns 112,663 shares of the company’s stock valued at $655,000 after buying an additional 5,740 shares in the last quarter. 79.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IE. Scotiabank reaffirmed an “outperform” rating on shares of Ivanhoe Electric in a report on Tuesday, October 28th. National Bankshares assumed coverage on shares of Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an “outperform” rating for the company. Cantor Fitzgerald began coverage on shares of Ivanhoe Electric in a report on Thursday, August 21st. They issued an “overweight” rating and a $17.00 target price on the stock. JPMorgan Chase & Co. increased their target price on shares of Ivanhoe Electric from $14.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Finally, Raymond James Financial raised their target price on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $15.70.

Ivanhoe Electric Trading Down 4.0%

Shares of IE opened at $11.67 on Friday. The business’s 50-day moving average price is $13.06 and its 200 day moving average price is $10.34. The stock has a market capitalization of $1.69 billion, a P/E ratio of -28.46 and a beta of 0.99. Ivanhoe Electric Inc. has a 1-year low of $4.50 and a 1-year high of $17.90. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.08.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.