Ivanhoe Electric Sees Unusually Large Options Volume (NYSEAMERICAN:IE)

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw some unusual options trading activity on Wednesday. Investors purchased 21,669 put options on the company. This represents an increase of approximately 750% compared to the average daily volume of 2,550 put options.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. increased their target price on Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $18.13.

Insider Activity at Ivanhoe Electric

In related news, insider Cassandra Pulskamp Joseph sold 123,074 shares of the company’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $16.48, for a total value of $2,028,259.52. Following the sale, the insider owned 51,370 shares of the company’s stock, valued at $846,577.60. The trade was a 70.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Glen Nickolas Kuntz sold 14,863 shares of the stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $13.20, for a total transaction of $196,191.60. Following the completion of the transaction, the senior vice president directly owned 32,768 shares of the company’s stock, valued at $432,537.60. This trade represents a 31.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 183,912 shares of company stock worth $2,831,321 in the last ninety days. Company insiders own 12.06% of the company’s stock.

Institutional Trading of Ivanhoe Electric

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Swiss National Bank lifted its position in Ivanhoe Electric by 7.0% during the 2nd quarter. Swiss National Bank now owns 164,600 shares of the company’s stock worth $1,493,000 after buying an additional 10,700 shares in the last quarter. JPMorgan Chase & Co. increased its position in Ivanhoe Electric by 24.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock valued at $813,000 after acquiring an additional 17,896 shares in the last quarter. Rhumbline Advisers increased its position in Ivanhoe Electric by 7.7% in the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock valued at $1,100,000 after acquiring an additional 8,622 shares in the last quarter. Invesco Ltd. raised its stake in shares of Ivanhoe Electric by 3.8% in the second quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock worth $305,000 after acquiring an additional 1,247 shares during the last quarter. Finally, Bosun Asset Management LLC bought a new position in shares of Ivanhoe Electric in the second quarter worth about $1,039,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Ivanhoe Electric Price Performance

IE stock opened at $12.21 on Thursday. The business has a fifty day moving average price of $15.20 and a 200 day moving average price of $14.59. Ivanhoe Electric has a fifty-two week low of $4.50 and a fifty-two week high of $21.55. The stock has a market capitalization of $1.92 billion, a price-to-earnings ratio of -15.46 and a beta of 1.20.

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.