Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 52-Week Low - What's Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $5.37 and last traded at $5.45, with a volume of 413613 shares traded. The stock had previously closed at $5.78.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on IE shares. Scotiabank decreased their price target on shares of Ivanhoe Electric from $14.00 to $13.50 and set a "sector outperform" rating for the company in a research note on Monday, January 6th. Jefferies Financial Group decreased their target price on Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, January 6th. Finally, JPMorgan Chase & Co. lowered their target price on Ivanhoe Electric from $17.00 to $16.00 and set an "overweight" rating for the company in a research note on Thursday, January 16th.

Ivanhoe Electric Stock Performance

The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $700.47 million, a PE ratio of -3.65 and a beta of 0.74. The company has a 50-day moving average of $6.54.

Insiders Place Their Bets

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd bought 5,000 shares of the business's stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $5.83 per share, for a total transaction of $29,150.00. Following the purchase, the vice president now owns 11,510 shares in the company, valued at approximately $67,103.30. This trade represents a 76.80 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Joseph Taylor Melvin bought 50,000 shares of Ivanhoe Electric stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $5.76 per share, with a total value of $288,000.00. Following the acquisition, the chief executive officer now owns 730,753 shares in the company, valued at approximately $4,209,137.28. This represents a 7.34 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 75,000 shares of company stock valued at $434,350. 10.50% of the stock is currently owned by corporate insiders.

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Institutional Investors Weigh In On Ivanhoe Electric

Several institutional investors and hedge funds have recently added to or reduced their stakes in IE. State Street Corp grew its stake in shares of Ivanhoe Electric by 94.5% during the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company's stock valued at $27,132,000 after purchasing an additional 1,558,467 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Ivanhoe Electric by 13.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company's stock worth $36,566,000 after buying an additional 589,456 shares during the last quarter. Legal & General Group Plc grew its position in Ivanhoe Electric by 59.8% during the fourth quarter. Legal & General Group Plc now owns 1,323,372 shares of the company's stock valued at $9,991,000 after buying an additional 495,325 shares during the period. Raffles Associates LP increased its holdings in Ivanhoe Electric by 70.0% during the third quarter. Raffles Associates LP now owns 1,111,077 shares of the company's stock valued at $9,400,000 after buying an additional 457,479 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Ivanhoe Electric by 78.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 917,272 shares of the company's stock worth $6,995,000 after acquiring an additional 402,879 shares during the period. Hedge funds and other institutional investors own 79.05% of the company's stock.

About Ivanhoe Electric

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.