Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 7.9% - Here's Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares rose 7.9% on Monday . The company traded as high as $5.05 and last traded at $5.12. Approximately 113,727 shares changed hands during trading, a decline of 84% from the average daily volume of 717,444 shares. The stock had previously closed at $4.74.

Wall Street Analyst Weigh In

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

Ivanhoe Electric Stock Up 7.2 %

The company has a market capitalization of $647.33 million, a PE ratio of -3.37 and a beta of 0.74. 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 company's 50-day moving average is $5.97 and its 200 day moving average is $7.76.

Insider Activity

In related news, VP Graham Richard Thomas Boyd acquired 5,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joseph Taylor Melvin bought 50,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the acquisition, the chief executive officer now directly owns 730,753 shares of the company's stock, valued at $4,209,137.28. The trade was a 7.34 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 75,000 shares of company stock worth $434,350 over the last 90 days. 10.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ivanhoe Electric

A number of large investors have recently made changes to their positions in the company. Barclays PLC raised its holdings in Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company's stock worth $1,150,000 after purchasing an additional 106,288 shares during the period. State Street Corp increased its position in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Ivanhoe Electric by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company's stock worth $5,946,000 after buying an additional 8,023 shares during the period. Arizona State Retirement System purchased a new position in shares of Ivanhoe Electric during the 4th quarter valued at about $171,000. Finally, Rhumbline Advisers grew its stake in shares of Ivanhoe Electric by 6.5% during the 4th quarter. Rhumbline Advisers now owns 106,923 shares of the company's stock valued at $807,000 after acquiring an additional 6,505 shares during the period. 79.05% of the stock is currently owned by institutional investors.

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.