PEAK6 LLC Takes Position in Ivanhoe Electric Inc. $IE

PEAK6 LLC bought a new stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 65,685 shares of the company’s stock, valued at approximately $631,000.

Several other large investors also recently modified their holdings of IE. JPMorgan Chase & Co. boosted its position in Ivanhoe Electric by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock valued at $813,000 after acquiring an additional 17,896 shares during the last quarter. Rhumbline Advisers grew its stake in Ivanhoe Electric by 7.7% during the second quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock worth $1,100,000 after purchasing an additional 8,622 shares during the period. Invesco Ltd. grew its stake in Ivanhoe Electric by 3.8% during the second quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock worth $305,000 after purchasing an additional 1,247 shares during the period. Sei Investments Co. increased its holdings in Ivanhoe Electric by 33.6% in the second quarter. Sei Investments Co. now owns 112,690 shares of the company’s stock worth $1,022,000 after purchasing an additional 28,318 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Ivanhoe Electric by 42.3% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company’s stock worth $12,273,000 after purchasing an additional 378,760 shares in the last quarter. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Ivanhoe Electric Stock Performance

Ivanhoe Electric stock opened at $11.27 on Monday. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -14.27 and a beta of 1.24. The firm’s fifty day moving average price is $9.84 and its two-hundred day moving average price is $12.36. Ivanhoe Electric Inc. has a 1-year low of $7.86 and a 1-year high of $21.55.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its earnings results on Thursday, August 6th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. The company had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.00 million. On average, research analysts forecast that Ivanhoe Electric Inc. will post -0.11 EPS for the current year.

Ivanhoe Electric 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.