Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 7.3% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price was up 7.3% during trading on Tuesday . The stock traded as high as $10.56 and last traded at $10.5650. 914,274 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 2,121,480 shares. The stock had previously closed at $9.85.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. dropped their price target on Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Ivanhoe Electric has a consensus rating of “Buy” and a consensus price target of $17.83.

Ivanhoe Electric Price Performance

The company has a market cap of $1.66 billion, a PE ratio of -13.16 and a beta of 1.26. The stock’s 50-day moving average is $10.11 and its 200 day moving average is $11.38.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its earnings results on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The firm had revenue of $0.72 million for the quarter, compared to the consensus estimate of $1.00 million. On average, analysts expect that Ivanhoe Electric Inc. will post -0.23 EPS for the current year.

Institutional Trading of Ivanhoe Electric

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Ivanhoe Electric during the 2nd quarter worth about $146,309,000. Primecap Management Co. CA purchased a new stake in shares of Ivanhoe Electric in the second quarter worth about $32,946,000. MFN Partners Management LP acquired a new stake in Ivanhoe Electric during the second quarter worth about $24,536,166. Legal & General Group Plc acquired a new stake in Ivanhoe Electric during the second quarter worth about $17,994,000. Finally, Wellington Management Group LLP raised its position in Ivanhoe Electric by 24.2% during the second quarter. Wellington Management Group LLP now owns 7,038,087 shares of the company’s stock valued at $67,636,000 after acquiring an additional 1,371,303 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

About Ivanhoe Electric

Ivanhoe Electric Inc is a mineral exploration and development company focused on discovering and advancing deposits of copper and other critical minerals used in electrification, renewable energy and modern infrastructure. The company primarily concentrates its exploration activities in the United States.

Its principal asset is the Santa Cruz copper project in Arizona, which Ivanhoe Electric is advancing through exploration and development work. The company also holds interests in other mineral exploration properties and evaluates additional opportunities with potential to host copper, nickel, gold and related critical minerals.

Ivanhoe Electric has developed the Typhoon geophysical surveying system, a proprietary technology designed to identify subsurface mineralization by collecting and analyzing electrical data.