Investors Buy Large Volume of Ivanhoe Electric Put Options (NYSEAMERICAN:IE)

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw unusually large options trading on Friday. Traders acquired 23,849 put options on the company. This represents an increase of approximately 845% compared to the average daily volume of 2,525 put options.

Insider Buying and Selling

In other news, insider Quentin Markin sold 90,000 shares of the firm’s stock in a transaction on Monday, December 29th. The shares were sold at an average price of $16.34, for a total value of $1,470,600.00. Following the sale, the insider directly owned 728,493 shares in the company, valued at approximately $11,903,575.62. This trade represents a 11.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Cassandra Pulskamp Joseph sold 123,074 shares of Ivanhoe Electric stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $16.48, for a total value of $2,028,259.52. Following the sale, the insider directly owned 51,370 shares of the company’s stock, valued at $846,577.60. This trade represents a 70.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 12.06% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. lifted its position in Ivanhoe Electric by 643.9% in the fourth quarter. Invesco Ltd. now owns 359,268 shares of the company’s stock valued at $5,741,000 after purchasing an additional 310,972 shares during the period. Empowered Funds LLC purchased a new position in Ivanhoe Electric in the fourth quarter worth $268,000. XTX Topco Ltd acquired a new position in Ivanhoe Electric during the fourth quarter worth about $697,000. Voloridge Investment Management LLC lifted its position in shares of Ivanhoe Electric by 176.6% during the fourth quarter. Voloridge Investment Management LLC now owns 200,990 shares of the company’s stock worth $3,212,000 after purchasing an additional 128,323 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Ivanhoe Electric by 308.8% during the 4th quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company’s stock worth $47,496,000 after buying an additional 2,245,110 shares during the last quarter. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Ivanhoe Electric Price Performance

Shares of IE stock traded down $0.54 during midday trading on Friday, hitting $13.10. The company had a trading volume of 1,202,564 shares, compared to its average volume of 1,926,081. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -16.58 and a beta of 0.98. The company’s 50 day simple moving average is $17.06 and its 200 day simple moving average is $14.14. Ivanhoe Electric has a 52-week low of $4.50 and a 52-week high of $21.55.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. raised their price objective on Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to MarketBeat.com, Ivanhoe Electric presently has a consensus rating of “Buy” and a consensus target price of $18.13.

Ivanhoe Electric Company Profile

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.