Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 6.1% - Here's Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares dropped 6.1% during trading on Tuesday . The company traded as low as $5.48 and last traded at $5.46. Approximately 109,276 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 712,518 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

Several research firms recently issued reports on IE. 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 research note on Monday, January 6th. JPMorgan Chase & Co. decreased their target price on shares of Ivanhoe Electric from $17.00 to $16.00 and set an "overweight" rating on the stock in a research report on Thursday, January 16th. Finally, Scotiabank cut their price target on 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 firm's fifty day simple moving average is $6.13. 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 stock has a market capitalization of $572.45 million, a P/E ratio of -2.98 and a beta of 0.74.

Insider Activity

In related news, CEO Joseph Taylor Melvin bought 50,000 shares of Ivanhoe Electric stock in a transaction that occurred on Friday, March 7th. The shares were 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 directly owns 730,753 shares of the company's stock, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Graham Richard Thomas Boyd purchased 5,000 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the transaction, the vice president now directly 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 acquired 75,000 shares of company stock valued at $434,350. Insiders own 10.50% of the company's stock.

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Institutional Trading of Ivanhoe Electric

Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its position in Ivanhoe Electric by 13.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company's stock valued at $36,566,000 after buying an additional 589,456 shares in the last quarter. State Street Corp increased its holdings in shares of Ivanhoe Electric by 94.5% during the third quarter. State Street Corp now owns 3,207,117 shares of the company's stock valued at $27,132,000 after acquiring an additional 1,558,467 shares in the last quarter. Kopernik Global Investors LLC lifted its holdings in shares of Ivanhoe Electric by 5.4% in the 4th quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company's stock worth $19,307,000 after purchasing an additional 130,807 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in Ivanhoe Electric by 4.8% during the 4th quarter. Alyeska Investment Group L.P. now owns 2,081,096 shares of the company's stock valued at $15,712,000 after purchasing an additional 95,749 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Ivanhoe Electric by 59.8% in the fourth quarter. Legal & General Group Plc now owns 1,323,372 shares of the company's stock valued at $9,991,000 after buying an additional 495,325 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company's stock.

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.