Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 4.5% - Here's Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) dropped 4.5% during trading on Friday . The stock traded as low as $7.77 and last traded at $7.84. Approximately 43,928 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 654,044 shares. The stock had previously closed at $8.21.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IE. Scotiabank reduced their price target on Ivanhoe Electric from $14.50 to $14.00 and set a "sector outperform" rating on the stock in a report on Monday, August 19th. Eight Capital raised Ivanhoe Electric to a "strong-buy" rating in a research note on Thursday, September 26th.

Ivanhoe Electric Stock Down 6.2 %

The firm has a market capitalization of $927.54 million, a P/E ratio of -4.84 and a beta of 0.66. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Institutional Investors Weigh In On Ivanhoe Electric

Several institutional investors have recently modified their holdings of the business. Tidal Investments LLC boosted its holdings in Ivanhoe Electric by 14.5% in the third quarter. Tidal Investments LLC now owns 366,222 shares of the company's stock worth $3,098,000 after purchasing an additional 46,345 shares during the last quarter. Barclays PLC lifted its holdings in shares of Ivanhoe Electric by 358.9% during the 3rd quarter. Barclays PLC now owns 135,903 shares of the company's stock valued at $1,150,000 after buying an additional 106,288 shares during the period. Vestcor Inc boosted its stake in shares of Ivanhoe Electric by 11.6% in the 3rd quarter. Vestcor Inc now owns 247,981 shares of the company's stock worth $2,098,000 after buying an additional 25,700 shares during the last quarter. State Street Corp grew its holdings in shares of 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 acquiring an additional 1,558,467 shares during the period. Finally, Raffles Associates LP increased its position 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 acquiring an additional 457,479 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.