Ivanhoe Electric (NYSEAMERICAN:IE) Price Target Raised to $22.00

Ivanhoe Electric (NYSEAMERICAN:IE) had its price target increased by JPMorgan Chase & Co. from $18.00 to $22.00 in a research note published on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also weighed in on IE. Scotiabank reiterated an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, October 28th. Raymond James Financial boosted their price target on Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. According to MarketBeat, Ivanhoe Electric has an average rating of “Buy” and an average target price of $18.13.

Ivanhoe Electric Price Performance

Shares of Ivanhoe Electric stock opened at $16.75 on Thursday. The firm has a market cap of $2.42 billion, a P/E ratio of -40.85 and a beta of 0.98. The firm’s 50-day simple moving average is $14.44 and its 200-day simple moving average is $12.24. Ivanhoe Electric has a twelve month low of $4.50 and a twelve month high of $17.90. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.41 and a current ratio of 1.41.

Insider Buying and Selling

In other Ivanhoe Electric news, insider Quentin Markin sold 90,000 shares of Ivanhoe Electric stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $16.34, for a total value of $1,470,600.00. Following the completion of the sale, the insider owned 728,493 shares in the company, valued at $11,903,575.62. The trade was a 11.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.06% of the company’s stock.

Institutional Investors Weigh In On Ivanhoe Electric

Institutional investors and hedge funds have recently bought and sold shares of the company. Rhumbline Advisers increased its holdings in Ivanhoe Electric by 5.4% in the 1st quarter. Rhumbline Advisers now owns 112,663 shares of the company’s stock valued at $655,000 after buying an additional 5,740 shares during the period. Invst LLC acquired a new stake in shares of Ivanhoe Electric during the 1st quarter worth approximately $1,302,000. Ballentine Partners LLC acquired a new stake in shares of Ivanhoe Electric during the 2nd quarter worth approximately $93,000. Eagle Global Advisors LLC increased its stake in Ivanhoe Electric by 7.6% in the second quarter. Eagle Global Advisors LLC now owns 17,000 shares of the company’s stock valued at $154,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Truist Financial Corp raised its position in Ivanhoe Electric by 36.4% during the second quarter. Truist Financial Corp now owns 15,000 shares of the company’s stock valued at $136,000 after purchasing an additional 4,000 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Company 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.