Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 12-Month High – Here’s What Happened

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.04 and last traded at $17.6930, with a volume of 355310 shares traded. The stock had previously closed at $16.75.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. JPMorgan Chase & Co. lifted their price target on Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday. Raymond James Financial increased their target price on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. Based on data from MarketBeat, Ivanhoe Electric currently has an average rating of “Buy” and an average price target of $18.13.

Ivanhoe Electric Price Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.41 and a current ratio of 1.41. The stock’s 50-day moving average is $14.44 and its two-hundred day moving average is $12.26. The stock has a market cap of $2.63 billion, a PE ratio of -44.27 and a beta of 0.98.

Insiders Place Their Bets

In other Ivanhoe Electric news, insider Quentin Markin sold 90,000 shares of the business’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $16.34, for a total transaction of $1,470,600.00. Following the sale, the insider directly owned 728,493 shares in the company, valued at $11,903,575.62. This represents a 11.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Ivanhoe Electric

A number of large investors have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its holdings in Ivanhoe Electric by 146.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after acquiring an additional 3,713 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Ivanhoe Electric by 138.1% in the 3rd quarter. IFP Advisors Inc now owns 6,408 shares of the company’s stock valued at $83,000 after purchasing an additional 3,717 shares in the last quarter. Comerica Bank raised its holdings in shares of Ivanhoe Electric by 352.3% in the 3rd quarter. Comerica Bank now owns 6,997 shares of the company’s stock valued at $88,000 after purchasing an additional 5,450 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Ivanhoe Electric by 43.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after purchasing an additional 2,449 shares during the last quarter. Finally, Banque Cantonale Vaudoise acquired a new position in shares of Ivanhoe Electric during the third quarter worth $103,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

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.