Ivanhoe Electric (NYSEAMERICAN:IE) Reaches New 1-Year Low - Time to Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report)'s stock price hit a new 52-week low during trading on Thursday . The stock traded as low as $5.33 and last traded at $5.46, with a volume of 67381 shares trading hands. The stock had previously closed at $5.75.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on IE shares. JPMorgan Chase & Co. lowered their price objective on Ivanhoe Electric from $17.00 to $16.00 and set an "overweight" rating on the stock in a research report on Thursday, January 16th. Scotiabank dropped their price target on Ivanhoe Electric from $14.00 to $13.50 and set a "sector outperform" rating for the company in a research report on Monday, January 6th. Raymond James set a $15.00 price objective on shares of Ivanhoe Electric and gave the stock an "outperform" rating in a research report on Friday. Finally, Jefferies Financial Group cut their price target on shares of Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, January 6th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $13.63.

Ivanhoe Electric Stock Performance

The business has a 50-day simple moving average of $6.10. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. The firm has a market cap of $602.64 million, a P/E ratio of -3.12 and a beta of 0.74.

Insider Transactions at Ivanhoe Electric

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin purchased 50,000 shares of the stock in a transaction on Friday, March 7th. The stock was acquired at an average price of $5.76 per share, with a total value of $288,000.00. Following the transaction, the chief executive officer now directly owns 730,753 shares of the company's stock, valued at approximately $4,209,137.28. This trade represents a 7.34 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Graham Richard Thomas Boyd acquired 5,000 shares of the company's stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $5.83 per share, with a total value of $29,150.00. Following the acquisition, 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 disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 75,000 shares of company stock worth $434,350. Insiders own 10.50% of the company's stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors have recently bought and sold shares of IE. Barclays PLC grew its position in shares of Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company's stock worth $1,150,000 after buying an additional 106,288 shares during the period. State Street Corp grew its holdings in Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company's stock worth $27,132,000 after purchasing an additional 1,558,467 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Ivanhoe Electric by 1.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company's stock valued at $5,946,000 after purchasing an additional 8,023 shares in the last quarter. Arizona State Retirement System purchased a new position in shares of Ivanhoe Electric during the fourth quarter valued at approximately $171,000. Finally, Rhumbline Advisers boosted its position in shares of Ivanhoe Electric by 6.5% in the 4th quarter. Rhumbline Advisers now owns 106,923 shares of the company's stock worth $807,000 after purchasing an additional 6,505 shares in the last quarter. 79.05% of the stock is owned by institutional investors.

Ivanhoe Electric Company Profile

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.