Ivanhoe Electric (NYSEAMERICAN:IE) Trading 4.4% Higher - Here's What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) traded up 4.4% during mid-day trading on Friday . The company traded as high as $6.62 and last traded at $6.61. 416,371 shares traded hands during trading, a decline of 39% from the average session volume of 684,425 shares. The stock had previously closed at $6.33.

Analyst Ratings Changes

Several research firms have commented on IE. Jefferies Financial Group dropped their target price on Ivanhoe Electric from $15.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. dropped their price target on shares of Ivanhoe Electric from $17.00 to $16.00 and set an "overweight" rating on the stock in a research note on Thursday, January 16th. Finally, Scotiabank reduced their price objective 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.

Ivanhoe Electric Stock Performance

The company has a market cap of $829.69 million, a P/E ratio of -4.33 and a beta of 0.74. 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 stock's fifty day simple moving average is $6.33.

Insider Transactions at Ivanhoe Electric

In other news, 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, for a total transaction of $288,000.00. Following the completion of the acquisition, the chief executive officer now owns 730,753 shares of the company's stock, valued at $4,209,137.28. This trade represents a 7.34 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Graham Richard Thomas Boyd bought 5,000 shares of the stock in a transaction on Thursday, March 6th. The stock was purchased at an average price of $5.83 per share, with a total value of $29,150.00. Following the completion of the purchase, the vice president now owns 11,510 shares of the company's stock, valued at $67,103.30. This represents a 76.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 75,000 shares of company stock worth $434,350. 10.50% of the stock is currently owned by insiders.

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Institutional Trading of Ivanhoe Electric

Several large investors have recently added to or reduced their stakes in IE. Barclays PLC lifted its position in Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company's stock valued at $1,150,000 after purchasing an additional 106,288 shares during the period. State Street Corp boosted its stake 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 buying an additional 1,558,467 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Ivanhoe Electric during the third quarter worth about $162,000. Charles Schwab Investment Management Inc. raised its position in 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 acquiring an additional 8,023 shares in the last quarter. Finally, PDT Partners LLC purchased a new position in Ivanhoe Electric during the third quarter valued at approximately $1,122,000. 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.