Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 9.8% – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) dropped 9.8% on Friday . The company traded as low as $12.15 and last traded at $12.1390. Approximately 535,793 shares traded hands during trading, a decline of 74% from the average daily volume of 2,030,034 shares. The stock had previously closed at $13.46.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. decreased their target price on Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $17.88.

Ivanhoe Electric Trading Down 12.5%

The stock has a market capitalization of $1.86 billion, a P/E ratio of -14.52 and a beta of 1.15. The company has a 50-day moving average price of $13.15 and a 200 day moving average price of $14.68.

Institutional Investors Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. KBC Group NV purchased a new position in Ivanhoe Electric in the first quarter worth $28,000. FNY Investment Advisers LLC purchased a new stake in shares of Ivanhoe Electric during the 4th quarter valued at $56,000. Tower Research Capital LLC TRC boosted its position in shares of Ivanhoe Electric by 146.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock worth $57,000 after purchasing an additional 3,713 shares in the last quarter. Summit Securities Group LLC grew its stake in Ivanhoe Electric by 146.5% during the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock worth $71,000 after buying an additional 18,900 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in Ivanhoe Electric by 43.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock valued at $73,000 after buying an additional 2,449 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

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.