Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up – Should You Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price gapped up before the market opened on Monday . The stock had previously closed at $11.67, but opened at $12.19. Ivanhoe Electric shares last traded at $12.03, with a volume of 294,085 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. National Bank Financial upgraded Ivanhoe Electric to a “strong-buy” rating in a report on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their target price on shares of Ivanhoe Electric from $14.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Raymond James Financial increased their price target on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. Cantor Fitzgerald began coverage on shares of Ivanhoe Electric in a report on Thursday, August 21st. They set an “overweight” rating and a $17.00 price target on the stock. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, October 28th. One research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $15.70.

Ivanhoe Electric Stock Up 4.1%

The stock’s fifty day moving average price is $13.19 and its 200-day moving average price is $10.45. 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 company has a market capitalization of $1.88 billion, a price-to-earnings ratio of -31.61 and a beta of 0.99.

Institutional Investors Weigh In On Ivanhoe Electric

Several institutional investors and hedge funds have recently added to or reduced their stakes in IE. Tower Research Capital LLC TRC boosted its stake in shares of Ivanhoe Electric by 146.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock worth $57,000 after buying an additional 3,713 shares during the last quarter. Comerica Bank boosted its position in Ivanhoe Electric by 352.3% during the third quarter. Comerica Bank now owns 6,997 shares of the company’s stock valued at $88,000 after purchasing an additional 5,450 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Ivanhoe Electric by 43.6% during the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock valued at $73,000 after purchasing an additional 2,449 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in Ivanhoe Electric in the third quarter valued at approximately $103,000. Finally, AlphaQuest LLC increased its position in shares of Ivanhoe Electric by 881.3% during the 2nd quarter. AlphaQuest LLC now owns 9,332 shares of the company’s stock worth $85,000 after purchasing an additional 8,381 shares during the last quarter. 79.05% of the stock is owned by institutional investors.

About Ivanhoe Electric

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.