Formula Growth Ltd. Takes Position in Ivanhoe Electric Inc. $IE

Formula Growth Ltd. acquired a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 63,598 shares of the company’s stock, valued at approximately $611,000.

A number of other institutional investors and hedge funds have also bought and sold shares of IE. JPMorgan Chase & Co. grew its stake in Ivanhoe Electric by 24.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock worth $813,000 after buying an additional 17,896 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Ivanhoe Electric by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock worth $1,100,000 after acquiring an additional 8,622 shares during the last quarter. Invesco Ltd. grew its position in Ivanhoe Electric by 3.8% in the second quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock worth $305,000 after acquiring an additional 1,247 shares in the last quarter. Sei Investments Co. increased its stake in Ivanhoe Electric by 33.6% in the second quarter. Sei Investments Co. now owns 112,690 shares of the company’s stock valued at $1,022,000 after acquiring an additional 28,318 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ivanhoe Electric by 42.3% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company’s stock valued at $12,273,000 after purchasing an additional 378,760 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. dropped their price target 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 equities research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, Ivanhoe Electric presently has an average rating of “Buy” and a consensus price target of $17.83.

Ivanhoe Electric Price Performance

Shares of NYSEAMERICAN IE opened at $11.69 on Friday. The stock has a market capitalization of $1.87 billion, a P/E ratio of -14.80 and a beta of 1.24. Ivanhoe Electric Inc. has a one year low of $7.86 and a one year high of $21.55. The firm’s 50 day simple moving average is $9.86 and its two-hundred day simple moving average is $12.18.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its quarterly earnings data on Friday, August 7th. 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 firm had revenue of $0.72 million during the quarter, compared to analyst estimates of $1.00 million. As a group, equities analysts expect that Ivanhoe Electric Inc. will post -0.11 earnings per share 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.