Ivanhoe Electric (TSE:IE) Hits New 1-Year High on Analyst Upgrade

Ivanhoe Electric Inc. (TSE:IE) hit a new 52-week high during mid-day trading on Tuesday after Scotiabank raised their price target on the stock from C$18.00 to C$22.50. Scotiabank currently has an outperform rating on the stock. Ivanhoe Electric traded as high as C$23.58 and last traded at C$23.54, with a volume of 23026 shares changing hands. The stock had previously closed at C$20.08.

Several other analysts have also recently commented on IE. Jefferies Financial Group raised shares of Ivanhoe Electric to a “strong-buy” rating in a research note on Monday, October 6th. Raymond James Financial upgraded Ivanhoe Electric to a “moderate buy” rating in a report on Thursday, October 9th. Finally, National Bankshares set a C$18.00 target price on Ivanhoe Electric and gave the company an “outperform” rating in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of C$20.25.

Ivanhoe Electric Trading Up 15.3%

The company has a debt-to-equity ratio of 34.05, a current ratio of 2.50 and a quick ratio of 8.83. The business’s 50-day simple moving average is C$14.33 and its two-hundred day simple moving average is C$12.02. The stock has a market capitalization of C$3.07 billion, a price-to-earnings ratio of -36.17 and a beta of 1.47.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc is a mineral project exploration and development company with a focus on identifying and developing mineral projects, and ultimately mines, associated with the metals necessary for electrification, in particular, copper, gold, silver, nickel, cobalt, vanadium, and the platinum group metals.