Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 3.6% - Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares dropped 3.6% during mid-day trading on Monday . The company traded as low as $6.69 and last traded at $6.73. Approximately 1,002,509 shares were traded during mid-day trading, an increase of 34% from the average daily volume of 745,521 shares. The stock had previously closed at $6.98.

Analysts Set New Price Targets

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

Ivanhoe Electric Stock Down 6.9 %

The stock has a market capitalization of $765.68 million, a price-to-earnings ratio of -3.99 and a beta of 0.74. The business's fifty day moving average is $6.29. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50.

Insider Buying and Selling

In other news, VP Graham Richard Thomas Boyd bought 5,000 shares of Ivanhoe Electric stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $5.83 per share, with a total value of $29,150.00. Following the completion of the acquisition, the vice president now owns 11,510 shares of the company's stock, valued at $67,103.30. This trade represents a 76.80 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joseph Taylor Melvin bought 50,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the transaction, the chief executive officer now directly owns 730,753 shares of the company's stock, valued at $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 90 days, insiders acquired 75,000 shares of company stock worth $434,350. 10.50% of the stock is owned by corporate insiders.

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Hedge Funds Weigh In On Ivanhoe Electric

Several institutional investors have recently bought and sold shares of the business. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in Ivanhoe Electric during the 4th quarter valued at $80,000. BNP Paribas Financial Markets bought a new position in Ivanhoe Electric during the fourth quarter valued at $89,000. Eagle Global Advisors LLC purchased a new stake in shares of Ivanhoe Electric in the fourth quarter valued at $100,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Ivanhoe Electric in the fourth quarter valued at $103,000. Finally, Ameriprise Financial Inc. bought a new stake in shares of Ivanhoe Electric in the 4th quarter worth about $104,000. 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.