Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 4.7% - Time to Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) shares traded down 4.7% on Thursday . The company traded as low as $8.35 and last traded at $8.35. 16,953 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 686,569 shares. The stock had previously closed at $8.76.

Analysts Set New Price Targets

A number of brokerages have commented on IE. Scotiabank lowered their target price on Ivanhoe Electric from $14.50 to $14.00 and set a "sector outperform" rating on the stock in a research note on Monday, August 19th. Eight Capital upgraded Ivanhoe Electric to a "strong-buy" rating in a report on Thursday, September 26th.

Ivanhoe Electric Stock Down 1.7 %

The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.52 and a current ratio of 3.66. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -7.99 and a beta of 0.81.

Ivanhoe Electric (NYSEAMERICAN:IE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.34) by ($0.05). Ivanhoe Electric had a negative net margin of 4,142.17% and a negative return on equity of 32.81%. The business had revenue of $0.54 million during the quarter, compared to analyst estimates of $1.00 million. On average, equities research analysts predict that Ivanhoe Electric Inc. will post -1.39 earnings per share for the current year.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC boosted its stake in Ivanhoe Electric by 10.0% during the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company's stock worth $113,000 after acquiring an additional 1,043 shares during the last quarter. Capstone Investment Advisors LLC boosted its stake in Ivanhoe Electric by 9.0% during the 1st quarter. Capstone Investment Advisors LLC now owns 16,350 shares of the company's stock worth $160,000 after acquiring an additional 1,350 shares during the last quarter. Old West Investment Management LLC boosted its stake in Ivanhoe Electric by 2.2% during the 2nd quarter. Old West Investment Management LLC now owns 159,332 shares of the company's stock worth $1,495,000 after acquiring an additional 3,369 shares during the last quarter. Sei Investments Co. boosted its stake in Ivanhoe Electric by 11.5% during the 1st quarter. Sei Investments Co. now owns 44,849 shares of the company's stock worth $440,000 after acquiring an additional 4,610 shares during the last quarter. Finally, MQS Management LLC bought a new position in Ivanhoe Electric during the 1st quarter worth approximately $100,000. 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.