Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 7.5% – Still a Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price shot up 7.5% during trading on Friday . The stock traded as high as $13.93 and last traded at $13.8330. 143,979 shares were traded during mid-day trading, a decline of 93% from the average session volume of 2,083,665 shares. The stock had previously closed at $12.87.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. cut their price target on Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $17.88.

Ivanhoe Electric Price Performance

The firm has a 50 day simple moving average of $14.28 and a 200-day simple moving average of $14.75. The company has a market cap of $2.12 billion, a price-to-earnings ratio of -17.01 and a beta of 1.20.

Insider Activity at Ivanhoe Electric

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin sold 6,808 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $13.20, for a total transaction of $89,865.60. Following the completion of the sale, the chief executive officer owned 626,110 shares of the company’s stock, valued at $8,264,652. This trade represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Cassandra Pulskamp Joseph sold 4,664 shares of the firm’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $13.20, for a total value of $61,564.80. Following the sale, the insider directly owned 46,706 shares of the company’s stock, valued at approximately $616,519.20. This trade represents a 9.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 183,912 shares of company stock valued at $2,831,321 over the last 90 days. Corporate insiders own 12.06% of the company’s stock.

Institutional Investors Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC acquired a new stake in Ivanhoe Electric during the fourth quarter worth $56,000. Tower Research Capital LLC TRC grew its stake in shares of Ivanhoe Electric by 146.0% in the second quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after buying an additional 3,713 shares in the last quarter. IFP Advisors Inc grew its stake in shares of Ivanhoe Electric by 138.1% in the third quarter. IFP Advisors Inc now owns 6,408 shares of the company’s stock valued at $83,000 after buying an additional 3,717 shares in the last quarter. Comerica Bank grew its stake in shares of Ivanhoe Electric by 352.3% in the third quarter. Comerica Bank now owns 6,997 shares of the company’s stock valued at $88,000 after buying an additional 5,450 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Ivanhoe Electric by 43.6% in the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock valued at $73,000 after buying an additional 2,449 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

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.