Raffles Associates LP Purchases New Shares in Ivanhoe Electric Inc. $IE

Raffles Associates LP purchased a new stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) during the 2nd quarter, HoldingsChannel reports. The firm purchased 477,077 shares of the company’s stock, valued at approximately $4,585,000. Ivanhoe Electric makes up 3.7% of Raffles Associates LP’s portfolio, making the stock its 10th largest holding.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Ivanhoe Electric during the 2nd quarter worth about $146,309,000. Price T Rowe Associates Inc. MD boosted its position in Ivanhoe Electric by 114.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after purchasing an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in Ivanhoe Electric by 259.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock worth $120,686,000 after purchasing an additional 5,451,646 shares in the last quarter. Vanguard Group Inc. grew its holdings in Ivanhoe Electric by 24.4% in the fourth quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock valued at $105,140,000 after purchasing an additional 1,290,175 shares during the period. Finally, State Street Corp increased its position in shares of Ivanhoe Electric by 16.1% in the fourth quarter. State Street Corp now owns 6,451,563 shares of the company’s stock valued at $103,096,000 after buying an additional 895,102 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. reduced their target price on Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $17.83.

Ivanhoe Electric Stock Down 2.0%

Shares of NYSEAMERICAN IE opened at $11.69 on Friday. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -14.80 and a beta of 1.24. The company’s 50-day simple moving average is $9.86 and its 200-day simple moving average is $12.18. Ivanhoe Electric Inc. has a 52-week low of $7.86 and a 52-week high of $21.55.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings results on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.28. The firm had revenue of $0.72 million during the quarter, compared to the consensus estimate of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. Equities research analysts anticipate that Ivanhoe Electric Inc. will post -0.11 EPS for the current fiscal year.

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.