JPMorgan Chase & Co. Cuts Ivanhoe Electric (NYSEAMERICAN:IE) Price Target to $21.00

Ivanhoe Electric (NYSEAMERICAN:IE) had its target price decreased by JPMorgan Chase & Co. from $22.00 to $21.00 in a research note released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Ivanhoe Electric Stock Performance

IE stock opened at $13.44 on Thursday. The company has a fifty day moving average price of $14.28 and a 200-day moving average price of $14.75. The company has a market capitalization of $2.12 billion, a P/E ratio of -17.01 and a beta of 1.20. Ivanhoe Electric has a 52-week low of $5.04 and a 52-week high of $21.55.

Insider Activity

In other news, SVP Glen Nickolas Kuntz sold 14,863 shares of the firm’s stock in a transaction on Friday, March 6th. The shares were 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 owned 32,768 shares of the company’s stock, valued at approximately $432,537.60. This trade represents a 31.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Graham Richard Thomas Boyd sold 11,147 shares of Ivanhoe Electric stock in a transaction on Friday, March 6th. The stock was sold at an average price of $13.20, for a total transaction of $147,140.40. Following the transaction, the vice president directly owned 183,079 shares of the company’s stock, valued at $2,416,642.80. This represents a 5.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 183,912 shares of company stock valued at $2,831,321. 12.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds have recently bought and sold shares of IE. Price T Rowe Associates Inc. MD raised its stake in Ivanhoe Electric by 114.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after buying an additional 6,761,857 shares during the last quarter. Alyeska Investment Group L.P. raised its stake in Ivanhoe Electric by 259.5% during the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock worth $120,686,000 after buying an additional 5,451,646 shares during the last quarter. Wellington Management Group LLP raised its stake 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 buying an additional 2,245,110 shares during the last quarter. FIL Ltd bought a new position in Ivanhoe Electric during the fourth quarter worth $23,970,000. Finally, Potrero Capital Research LLC bought a new position in Ivanhoe Electric during the third quarter worth $17,381,000. Institutional investors own 79.05% of the company’s stock.

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.