JPMorgan Chase & Co. Cuts Ivanhoe Electric (NYSEAMERICAN:IE) Price Target to $13.00

Ivanhoe Electric (NYSEAMERICAN:IE) had its target price cut by JPMorgan Chase & Co. from $16.00 to $13.00 in a report released on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts have also issued reports on IE. Raymond James set a $15.00 target price on Ivanhoe Electric and gave the company an “outperform” rating in a research report on Friday, April 4th. Jefferies Financial Group decreased their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 6th. Finally, Scotiabank dropped their target price on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $12.88.

Ivanhoe Electric Trading Up 7.2 %

NYSEAMERICAN IE opened at $5.36 on Thursday. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $647.33 million, a P/E ratio of -3.37 and a beta of 0.74. The business has a fifty day simple moving average of $5.97 and a 200 day simple moving average of $7.76. Ivanhoe Electric has a 12 month low of $4.50 and a 12 month high of $12.98.

Insider Buying and Selling

In other news, CFO Jordan Neeser bought 20,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The stock was acquired at an average price of $5.86 per share, with a total value of $117,200.00. Following the completion of the purchase, the chief financial officer now directly owns 40,000 shares in the company, valued at $234,400. This represents a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Graham Richard Thomas Boyd purchased 5,000 shares of Ivanhoe Electric stock in a transaction on Thursday, March 6th. The shares were acquired 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 of the company’s stock, valued at approximately $67,103.30. The trade was a 76.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 75,000 shares of company stock worth $434,350. Insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Rhumbline Advisers increased its stake in shares of Ivanhoe Electric by 5.4% in the first quarter. Rhumbline Advisers now owns 112,663 shares of the company’s stock worth $655,000 after buying an additional 5,740 shares during the period. GAMMA Investing LLC grew its holdings in Ivanhoe Electric by 456.9% in the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company’s stock worth $65,000 after acquiring an additional 9,119 shares during the last quarter. California State Teachers Retirement System increased its position in shares of Ivanhoe Electric by 6.5% in the fourth quarter. California State Teachers Retirement System now owns 73,530 shares of the company’s stock valued at $555,000 after acquiring an additional 4,462 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Ivanhoe Electric by 34.9% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 211,513 shares of the company’s stock valued at $1,597,000 after acquiring an additional 54,771 shares during the period. Finally, ProShare Advisors LLC raised its stake in shares of Ivanhoe Electric by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 23,541 shares of the company’s stock valued at $178,000 after acquiring an additional 7,746 shares during the last quarter. 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.