Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 12-Month High – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $18.04 and last traded at $17.6930, with a volume of 355310 shares. The stock had previously closed at $16.75.

Analysts Set New Price Targets

A number of research analysts have recently commented on IE shares. Scotiabank reiterated an “outperform” rating on shares of Ivanhoe Electric in a report on Tuesday, October 28th. Raymond James Financial increased their price target 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. Finally, JPMorgan Chase & Co. raised their price objective on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $18.13.

Ivanhoe Electric Price Performance

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -44.27 and a beta of 0.98. The company has a fifty day moving average price of $14.44 and a two-hundred day moving average price of $12.26.

Insider Buying and Selling

In other news, insider Quentin Markin sold 90,000 shares of the company’s stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $16.34, for a total value of $1,470,600.00. Following the completion of the sale, the insider directly owned 728,493 shares of the company’s stock, valued at approximately $11,903,575.62. This represents a 11.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.06% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC increased its stake in 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 purchasing an additional 3,713 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Ivanhoe Electric by 43.6% in the 2nd 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 during the period. IFP Advisors Inc increased its stake in shares of Ivanhoe Electric by 138.1% during the 3rd quarter. IFP Advisors Inc now owns 6,408 shares of the company’s stock valued at $83,000 after acquiring an additional 3,717 shares during the last quarter. AlphaQuest LLC boosted its position in shares of Ivanhoe Electric by 881.3% in the second quarter. AlphaQuest LLC now owns 9,332 shares of the company’s stock worth $85,000 after acquiring an additional 8,381 shares during the last quarter. Finally, Comerica Bank grew its holdings in 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 purchasing an additional 5,450 shares during the period. Hedge funds and other institutional investors 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.