Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 8.9% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares were up 8.9% during mid-day trading on Wednesday . The company traded as high as $13.04 and last traded at $12.9730. Approximately 233,142 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,250,769 shares. The stock had previously closed at $11.91.

Wall Street Analyst Weigh In

Several research firms have issued reports on IE. Raymond James Financial raised their price target on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Scotiabank reaffirmed an “outperform” rating on shares of Ivanhoe Electric in a report on Tuesday, October 28th. Cantor Fitzgerald assumed coverage on Ivanhoe Electric in a research report on Thursday, August 21st. They set an “overweight” rating and a $17.00 price objective on the stock. National Bank Financial upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research note on Wednesday, September 3rd. Finally, National Bankshares began coverage on shares of Ivanhoe Electric in a report on Wednesday, September 3rd. They set an “outperform” rating for the company. One equities research 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, the stock presently has an average rating of “Buy” and an average price target of $15.70.

Ivanhoe Electric Trading Up 9.4%

The firm has a market capitalization of $1.88 billion, a PE ratio of -31.77 and a beta of 0.99. The business’s fifty day moving average price is $12.85 and its 200 day moving average price is $10.24. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.08.

Insiders Place Their Bets

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $8.92, for a total value of $1,195,806.28. Following the completion of the transaction, the vice president owned 194,226 shares of the company’s stock, valued at approximately $1,732,495.92. This represents a 40.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 12.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Alyeska Investment Group L.P. lifted its position in shares of Ivanhoe Electric by 13.6% in the 3rd quarter. Alyeska Investment Group L.P. now owns 2,100,686 shares of the company’s stock valued at $26,364,000 after acquiring an additional 251,361 shares in the last quarter. Potrero Capital Research LLC acquired a new stake in Ivanhoe Electric during the third quarter worth about $17,381,000. Prelude Capital Management LLC acquired a new position in Ivanhoe Electric in the third quarter worth about $362,000. Mariner LLC boosted its position in Ivanhoe Electric by 52.7% in the third quarter. Mariner LLC now owns 23,368 shares of the company’s stock valued at $293,000 after buying an additional 8,065 shares in the last quarter. Finally, Militia Capital Partners LP acquired a new stake in shares of Ivanhoe Electric during the third quarter worth approximately $1,130,000. Institutional investors own 79.05% of the company’s stock.

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.