Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 9.3% – Here’s What Happened

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) were down 9.3% on Monday . The stock traded as low as $13.29 and last traded at $12.98. Approximately 470,333 shares traded hands during trading, a decline of 63% from the average daily volume of 1,285,429 shares. The stock had previously closed at $14.31.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. National Bank Financial raised Ivanhoe Electric to a “strong-buy” rating in a report on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their price target on Ivanhoe Electric from $14.00 to $18.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Scotiabank restated an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, October 28th. National Bankshares started coverage on Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an “outperform” rating on the stock. Finally, Cantor Fitzgerald started coverage on shares of Ivanhoe Electric in a research note on Thursday, August 21st. They set an “overweight” rating and a $17.00 target price for the company. One analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, Ivanhoe Electric currently has a consensus rating of “Buy” and an average target price of $15.70.

Ivanhoe Electric Trading Down 8.1%

The stock has a market cap of $1.90 billion, a price-to-earnings ratio of -32.06 and a beta of 1.00. The company’s 50 day simple moving average is $13.44 and its two-hundred day simple moving average is $10.59. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.41 and a current ratio of 1.41.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds have recently made changes to their positions in IE. Price T Rowe Associates Inc. MD raised its holdings in shares of Ivanhoe Electric by 41.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company’s stock worth $39,692,000 after buying an additional 1,988,562 shares in the last quarter. Potrero Capital Research LLC bought a new stake in Ivanhoe Electric in the third quarter valued at $17,381,000. Primecap Management Co. CA raised its stake in Ivanhoe Electric by 79.6% during the third quarter. Primecap Management Co. CA now owns 2,828,284 shares of the company’s stock worth $35,495,000 after acquiring an additional 1,253,400 shares in the last quarter. Van ECK Associates Corp acquired a new position in Ivanhoe Electric in the third quarter valued at about $11,274,000. Finally, EdgePoint Investment Group Inc. acquired a new stake in Ivanhoe Electric during the 1st quarter valued at $4,284,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

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.