LPL Financial LLC Sells 8,567 Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

LPL Financial LLC lowered its stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 8.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 94,733 shares of the company’s stock after selling 8,567 shares during the quarter. LPL Financial LLC owned about 0.08% of Ivanhoe Electric worth $715,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Generali Investments CEE investicni spolecnost a.s. bought a new position in Ivanhoe Electric in the 4th quarter worth $80,000. KLP Kapitalforvaltning AS bought a new stake in Ivanhoe Electric during the 4th quarter valued at approximately $103,000. Arizona State Retirement System purchased a new position in Ivanhoe Electric in the 4th quarter worth approximately $171,000. Intech Investment Management LLC boosted its stake in Ivanhoe Electric by 125.8% in the 4th quarter. Intech Investment Management LLC now owns 43,211 shares of the company’s stock worth $326,000 after purchasing an additional 24,074 shares during the period. Finally, JPMorgan Chase & Co. boosted its stake in Ivanhoe Electric by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock worth $566,000 after purchasing an additional 1,643 shares during the period. Institutional investors own 79.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on IE shares. JPMorgan Chase & Co. lowered their target price on Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Scotiabank reduced 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 report on Monday, January 6th. Jefferies Financial Group decreased their target price on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Raymond James set a $15.00 price target on Ivanhoe Electric and gave the stock an “outperform” rating in a research report on Friday, April 4th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $12.88.

Insider Activity

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin acquired 50,000 shares of Ivanhoe Electric stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average price of $5.76 per share, with a total value of $288,000.00. Following the completion of the purchase, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at approximately $4,209,137.28. This represents a 7.34 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jordan Neeser bought 20,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The shares were bought at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the transaction, the chief financial officer now directly owns 40,000 shares in the company, valued at approximately $234,400. This represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 75,000 shares of company stock valued at $434,350. 10.50% of the stock is currently owned by company insiders.

Ivanhoe Electric Stock Performance

Ivanhoe Electric stock opened at $6.16 on Wednesday. Ivanhoe Electric Inc. has a 1-year low of $4.50 and a 1-year high of $12.98. The company’s 50-day moving average is $5.97 and its 200 day moving average is $7.67. The firm has a market capitalization of $743.94 million, a P/E ratio of -3.87 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

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.