Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 5% - Here's What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares traded down 5% during mid-day trading on Monday . The stock traded as low as $5.08 and last traded at $5.09. 476,620 shares traded hands during mid-day trading, a decline of 35% from the average session volume of 732,467 shares. The stock had previously closed at $5.36.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Jefferies Financial Group lowered their target price on shares of Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, January 6th. Raymond James set a $15.00 price objective on Ivanhoe Electric and gave the stock an "outperform" rating in a research note on Friday, April 4th. JPMorgan Chase & Co. cut their target price on Ivanhoe Electric from $16.00 to $13.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Finally, Scotiabank decreased their price target on Ivanhoe Electric from $14.00 to $13.50 and set a "sector outperform" rating on the stock in a research report on Monday, January 6th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $12.88.

Ivanhoe Electric Stock Performance

The company has a market capitalization of $736.70 million, a price-to-earnings ratio of -3.84 and a beta of 0.74. The stock has a 50 day moving average of $5.97 and a 200 day moving average of $7.69. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insider Buying and Selling

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin purchased 50,000 shares of Ivanhoe Electric stock in a transaction that occurred 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 owns 730,753 shares in the company, valued at $4,209,137.28. This trade represents a 7.34 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jordan Neeser acquired 20,000 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was acquired at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the completion of the purchase, the chief financial officer now directly owns 40,000 shares of the company's stock, valued at approximately $234,400. This represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 75,000 shares of company stock valued at $434,350 over the last ninety days. 10.50% of the stock is owned by corporate insiders.

Institutional Trading of Ivanhoe Electric

Institutional investors and hedge funds have recently made changes to their positions in the company. Generali Investments CEE investicni spolecnost a.s. bought a new position in Ivanhoe Electric during the fourth quarter valued at about $80,000. GAMMA Investing LLC boosted its stake in Ivanhoe Electric by 456.9% in the first quarter. GAMMA Investing LLC now owns 11,115 shares of the company's stock valued at $65,000 after acquiring an additional 9,119 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Ivanhoe Electric during the 4th quarter valued at approximately $89,000. Eagle Global Advisors LLC purchased a new stake in shares of Ivanhoe Electric during the 4th quarter worth approximately $100,000. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Ivanhoe Electric in the 4th quarter worth approximately $103,000. Hedge funds and other institutional investors own 79.05% of the company's stock.

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.