Truist Financial Corp Increases Stock Position in Ivanhoe Electric Inc. $IE

Truist Financial Corp grew its stake in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 36.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,000 shares of the company’s stock after buying an additional 4,000 shares during the period. Truist Financial Corp’s holdings in Ivanhoe Electric were worth $136,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC grew its stake in shares of Ivanhoe Electric by 456.9% during the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company’s stock valued at $65,000 after buying an additional 9,119 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Ivanhoe Electric during the 1st quarter valued at $67,000. Eagle Global Advisors LLC grew its stake 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 valued at $92,000 after buying an additional 2,600 shares during the period. Ballentine Partners LLC purchased a new stake in shares of Ivanhoe Electric during the 2nd quarter valued at $93,000. Finally, Centerpoint Advisors LLC grew its stake in shares of Ivanhoe Electric by 944.7% during the 1st quarter. Centerpoint Advisors LLC now owns 19,850 shares of the company’s stock valued at $115,000 after buying an additional 17,950 shares during the period. 79.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Raymond James Financial boosted their price objective on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Cantor Fitzgerald started coverage on shares of Ivanhoe Electric in a research report on Thursday, August 21st. They set an “overweight” rating and a $17.00 price target for the company. National Bankshares started coverage on shares of Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an “outperform” rating for the company. JPMorgan Chase & Co. upped their price target on shares of Ivanhoe Electric from $14.00 to $18.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. Finally, National Bank Financial raised shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $14.80.

Ivanhoe Electric Stock Performance

Shares of IE stock opened at $15.19 on Friday. Ivanhoe Electric Inc. has a 12 month low of $4.50 and a 12 month high of $17.90. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.84 and a quick ratio of 3.84. The firm has a market capitalization of $2.02 billion, a P/E ratio of -23.73 and a beta of 0.98. The company’s fifty day moving average price is $10.78 and its two-hundred day moving average price is $8.95.

Insider Activity

In other news, VP Graham Richard Thomas Boyd sold 134,059 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $8.92, for a total value of $1,195,806.28. Following the sale, the vice president owned 194,226 shares in the company, valued at approximately $1,732,495.92. This represents a 40.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 12.06% 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.