Ivanhoe Electric (NYSEAMERICAN:IE) Trading 8.9% Higher After Analyst Upgrade

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price rose 8.9% during mid-day trading on Wednesday after Scotiabank raised their price target on the stock from $12.50 to $13.00. Scotiabank currently has a sector outperform rating on the stock. Ivanhoe Electric traded as high as $9.10 and last traded at $9.19. Approximately 412,813 shares changed hands during mid-day trading, a decline of 47% from the average daily volume of 783,640 shares. The stock had previously closed at $8.44.

A number of other brokerages also recently issued reports on IE. Raymond James Financial set a $15.00 price objective on Ivanhoe Electric and gave the company an “outperform” rating in a research note 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 for the company in a research note on Thursday, April 10th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $12.75.

Institutional Trading of Ivanhoe Electric

Several hedge funds and other institutional investors have recently bought and sold shares of IE. GAMMA Investing LLC grew its position in Ivanhoe Electric by 456.9% in the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company’s stock valued at $65,000 after acquiring an additional 9,119 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of Ivanhoe Electric during the 1st quarter worth $67,000. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of Ivanhoe Electric during the 4th quarter worth $80,000. BNP Paribas Financial Markets bought a new position in shares of Ivanhoe Electric during the 4th quarter worth $89,000. Finally, Eagle Global Advisors LLC grew its position in shares of Ivanhoe Electric by 19.7% during the 1st quarter. Eagle Global Advisors LLC now owns 15,800 shares of the company’s stock worth $92,000 after buying an additional 2,600 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Up 8.6%

The company has a current ratio of 3.07, a quick ratio of 3.07 and a debt-to-equity ratio of 0.18. The business has a 50-day moving average price of $7.16 and a 200-day moving average price of $7.40. The firm has a market cap of $1.22 billion, a P/E ratio of -10.79 and a beta of 0.78.

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.