Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 7.7% – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares were up 7.7% during trading on Friday . The company traded as high as $15.83 and last traded at $15.5770. Approximately 451,952 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 1,320,517 shares. The stock had previously closed at $14.46.

Analyst Upgrades and Downgrades

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

Ivanhoe Electric Stock Up 8.4%

The stock’s fifty day simple moving average is $14.15 and its two-hundred day simple moving average is $11.28. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.41 and a quick ratio of 1.41. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -38.25 and a beta of 1.00.

Institutional Trading of Ivanhoe Electric

Institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc boosted its stake in Ivanhoe Electric by 44.5% during the 2nd quarter. Legal & General Group Plc now owns 1,759,911 shares of the company’s stock valued at $15,962,000 after purchasing an additional 541,719 shares during the period. Kopernik Global Investors LLC increased its stake in shares of Ivanhoe Electric by 2.2% in the second quarter. Kopernik Global Investors LLC now owns 3,412,561 shares of the company’s stock valued at $30,952,000 after purchasing an additional 72,376 shares during the period. Vanguard Group Inc. raised its holdings in shares of Ivanhoe Electric by 10.7% during the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company’s stock valued at $29,851,000 after buying an additional 496,058 shares during the last quarter. Invst LLC acquired a new position in Ivanhoe Electric during the 1st quarter worth $1,302,000. Finally, Formula Growth Ltd. boosted its position in Ivanhoe Electric by 187.8% during the 2nd quarter. Formula Growth Ltd. now owns 247,934 shares of the company’s stock worth $2,249,000 after acquiring an additional 161,774 shares during the period. 79.05% of the stock is currently 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.