Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $11.06, but opened at $10.55. Ivanhoe Electric shares last traded at $10.4840, with a volume of 210,109 shares.

Analyst Ratings Changes

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

Ivanhoe Electric Stock Down 8.6%

The business’s 50 day moving average is $9.85 and its two-hundred day moving average is $12.08. The firm has a market cap of $1.61 billion, a P/E ratio of -12.79 and a beta of 1.24.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its earnings results on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.28. The business had revenue of $0.72 million for the quarter, compared to analyst estimates 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 year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IE. KBC Group NV acquired a new stake in Ivanhoe Electric during the first quarter worth approximately $28,000. Tower Research Capital LLC TRC lifted its stake in Ivanhoe Electric by 146.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after buying an additional 3,713 shares during the period. Summit Securities Group LLC lifted its stake in Ivanhoe Electric by 146.5% in the first quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock valued at $71,000 after buying an additional 18,900 shares during the period. BNP Paribas Financial Markets boosted its holdings in shares of Ivanhoe Electric by 43.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after buying an additional 2,449 shares in the last quarter. Finally, Fifth Third Bancorp bought a new position in shares of Ivanhoe Electric during the 1st quarter worth approximately $81,000. 79.05% of the stock is owned by institutional investors and hedge funds.

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.