Ivanhoe Electric (NYSEAMERICAN:IE) Trading 10.4% Higher – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares shot up 10.4% on Tuesday . The stock traded as high as $8.98 and last traded at $8.9240. Approximately 728,025 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 2,123,945 shares. The stock had previously closed at $8.08.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lowered their target price on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $17.62.

Ivanhoe Electric Stock Up 10.3%

The stock has a market cap of $1.41 billion, a P/E ratio of -11.02 and a beta of 1.23. The business has a 50 day moving average price of $11.04 and a 200 day moving average price of $13.66.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.15) by ($0.11). Ivanhoe Electric had a negative return on equity of 29.11% and a negative net margin of 3,477.73%.The business had revenue of $0.86 million during the quarter, compared to analysts’ expectations of $0.90 million. On average, research analysts expect that Ivanhoe Electric Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Trading of Ivanhoe Electric

Several institutional investors and hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 valued at $202,493,000 after purchasing an additional 6,761,857 shares during the period. Alyeska Investment Group L.P. grew its holdings in shares of Ivanhoe Electric by 259.5% in 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 during the last quarter. Vanguard Group Inc. increased its stake in Ivanhoe Electric by 24.4% in the 4th quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock worth $105,140,000 after buying an additional 1,290,175 shares during the period. State Street Corp increased its stake in Ivanhoe Electric by 16.1% in the 4th quarter. State Street Corp now owns 6,451,563 shares of the company’s stock worth $103,096,000 after buying an additional 895,102 shares during the period. Finally, Primecap Management Co. CA lifted its holdings in Ivanhoe Electric by 8.0% during the 4th quarter. Primecap Management Co. CA now owns 3,054,884 shares of the company’s stock valued at $48,817,000 after buying an additional 226,600 shares in the last quarter. 79.05% of the stock is currently owned by 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.