Ivanhoe Electric Target of Unusually Large Options Trading (NYSEAMERICAN:IE)

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw some unusual options trading on Friday. Investors purchased 23,849 put options on the company. This represents an increase of 845% compared to the average daily volume of 2,525 put options.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. upped their target price on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $18.13.

Insider Activity

In other news, insider Quentin Markin sold 90,000 shares of Ivanhoe Electric stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $16.34, for a total value of $1,470,600.00. Following the sale, the insider directly owned 728,493 shares of the company’s stock, valued at approximately $11,903,575.62. The trade was a 11.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Cassandra Pulskamp Joseph sold 123,074 shares of the company’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $16.48, for a total transaction of $2,028,259.52. Following the sale, the insider directly owned 51,370 shares in the company, valued at approximately $846,577.60. The trade was a 70.55% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 12.06% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds have recently modified their holdings of IE. Price T Rowe Associates Inc. MD grew its stake in Ivanhoe Electric by 114.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after purchasing an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. increased its stake in Ivanhoe Electric by 259.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock valued at $120,686,000 after purchasing an additional 5,451,646 shares during the last quarter. Wellington Management Group LLP raised its holdings in Ivanhoe Electric by 308.8% during the fourth quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company’s stock worth $47,496,000 after purchasing an additional 2,245,110 shares in the last quarter. FIL Ltd purchased a new position in shares of Ivanhoe Electric in the 4th quarter valued at $23,970,000. Finally, Potrero Capital Research LLC acquired a new stake in Ivanhoe Electric during the 3rd quarter worth $17,381,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Stock Performance

NYSEAMERICAN IE opened at $13.13 on Friday. The business has a fifty day moving average price of $16.99 and a 200 day moving average price of $14.17. The company has a market cap of $2.07 billion, a P/E ratio of -16.62 and a beta of 0.98. Ivanhoe Electric has a one year low of $4.50 and a one year high of $21.55.

About Ivanhoe Electric

Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company’s portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.