Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares gapped up before the market opened on Monday . The stock had previously closed at $19.86, but opened at $21.15. Ivanhoe Electric shares last traded at $19.64, with a volume of 353,915 shares traded.

Analyst Upgrades and Downgrades

IE has been the topic of several analyst reports. Scotiabank restated an “outperform” rating on shares of Ivanhoe Electric in a research report on Tuesday, October 28th. JPMorgan Chase & Co. raised their target price on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, January 8th. Finally, Raymond James Financial boosted their price target on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. Based on data from MarketBeat, Ivanhoe Electric has an average rating of “Buy” and a consensus target price of $18.13.

Ivanhoe Electric Stock Down 5.0%

The company has a market capitalization of $2.73 billion, a price-to-earnings ratio of -45.46 and a beta of 0.98. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.08. The firm has a 50 day moving average price of $15.48 and a two-hundred day moving average price of $12.87.

Insider Activity

In related news, insider Quentin Markin sold 90,000 shares of the company’s stock in a transaction on 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 sale, the insider directly owned 728,493 shares of the company’s stock, valued at $11,903,575.62. This represents a 11.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 12.06% of the company’s stock.

Institutional Trading of Ivanhoe Electric

A number of institutional investors and hedge funds have recently modified their holdings of IE. Potrero Capital Research LLC acquired a new position in shares of Ivanhoe Electric in the 3rd quarter valued at about $17,381,000. Primecap Management Co. CA lifted its holdings in shares of Ivanhoe Electric by 79.6% in the 3rd quarter. Primecap Management Co. CA now owns 2,828,284 shares of the company’s stock worth $35,495,000 after purchasing an additional 1,253,400 shares during the last quarter. Van ECK Associates Corp acquired a new position in Ivanhoe Electric during the 3rd quarter valued at approximately $11,274,000. Wellington Management Group LLP bought a new position in Ivanhoe Electric during the 3rd quarter worth $9,125,000. Finally, Legal & General Group Plc boosted its holdings in shares of Ivanhoe Electric by 44.5% during the second quarter. Legal & General Group Plc now owns 1,759,911 shares of the company’s stock valued at $15,962,000 after acquiring an additional 541,719 shares during the period. 79.05% of the stock is owned by institutional investors and hedge funds.

About Ivanhoe Electric

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.