Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Significant Decline in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the recipient of a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 8,285,465 shares, a decrease of 14.6% from the February 12th total of 9,700,852 shares. Based on an average daily volume of 1,677,707 shares, the days-to-cover ratio is presently 4.9 days. Currently, 6.0% of the shares of the company are sold short. Currently, 6.0% of the shares of the company are sold short. Based on an average daily volume of 1,677,707 shares, the days-to-cover ratio is presently 4.9 days.

Insider Buying and Selling at Ivanhoe Electric

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd sold 11,147 shares of Ivanhoe Electric stock in a transaction on Friday, March 6th. The shares were sold at an average price of $13.20, for a total transaction of $147,140.40. Following the sale, the vice president owned 183,079 shares in the company, valued at $2,416,642.80. The trade was a 5.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Stephani Terhorst sold 6,233 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $13.20, for a total transaction of $82,275.60. Following the completion of the transaction, the vice president directly owned 12,466 shares of the company’s stock, valued at $164,551.20. This trade represents a 33.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 273,912 shares of company stock valued at $4,301,921 over the last quarter. Company insiders own 12.06% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IE. Geode Capital Management LLC boosted its position in Ivanhoe Electric by 6.4% in the second quarter. Geode Capital Management LLC now owns 2,077,062 shares of the company’s stock valued at $18,841,000 after buying an additional 125,111 shares in the last quarter. Police & Firemen s Retirement System of New Jersey boosted its stake in shares of Ivanhoe Electric by 22.7% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 20,628 shares of the company’s stock valued at $187,000 after purchasing an additional 3,822 shares in the last quarter. Primecap Management Co. CA grew its holdings in shares of Ivanhoe Electric by 229.9% during the second quarter. Primecap Management Co. CA now owns 1,574,884 shares of the company’s stock worth $14,284,000 after purchasing an additional 1,097,484 shares during the last quarter. Swiss National Bank increased its stake in shares of Ivanhoe Electric by 7.0% in the second quarter. Swiss National Bank now owns 164,600 shares of the company’s stock valued at $1,493,000 after buying an additional 10,700 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Ivanhoe Electric by 24.9% in the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock valued at $813,000 after buying an additional 17,896 shares during the period. 79.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Ivanhoe Electric Stock Performance

Shares of NYSEAMERICAN IE traded down $0.20 during midday trading on Tuesday, hitting $12.38. 1,425,959 shares of the company’s stock were exchanged, compared to its average volume of 1,771,797. Ivanhoe Electric has a 12 month low of $4.50 and a 12 month high of $21.55. The company’s 50 day moving average price is $16.54 and its 200 day moving average price is $14.44.

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.