Stock Traders Purchase Large Volume of Ivanhoe Electric Call Options (NYSEAMERICAN:IE)

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw some unusual options trading on Friday. Stock investors purchased 9,496 call options on the company. This is an increase of 511% compared to the typical volume of 1,554 call options.

Institutional Investors Weigh In On Ivanhoe Electric

A number of institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. grew its stake in Ivanhoe Electric by 24.9% during the second quarter. JPMorgan Chase & Co. now owns 89,686 shares of the company’s stock worth $813,000 after buying an additional 17,896 shares in the last quarter. Rhumbline Advisers raised its position in Ivanhoe Electric by 7.7% during the second quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock valued at $1,100,000 after purchasing an additional 8,622 shares in the last quarter. Invesco Ltd. lifted its stake in Ivanhoe Electric by 3.8% during the second quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock worth $305,000 after purchasing an additional 1,247 shares during the last quarter. Sei Investments Co. lifted its stake in Ivanhoe Electric by 33.6% during the second quarter. Sei Investments Co. now owns 112,690 shares of the company’s stock worth $1,022,000 after purchasing an additional 28,318 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Ivanhoe Electric by 42.3% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,274,628 shares of the company’s stock valued at $12,273,000 after purchasing an additional 378,760 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. reduced their price target on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, July 9th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, Ivanhoe Electric presently has an average rating of “Buy” and a consensus target price of $17.83.

Ivanhoe Electric Stock Up 4.9%

Ivanhoe Electric stock traded up $0.51 during mid-day trading on Friday, hitting $10.86. 410,252 shares of the company’s stock were exchanged, compared to its average volume of 2,100,774. Ivanhoe Electric has a fifty-two week low of $7.86 and a fifty-two week high of $21.55. The company’s 50 day simple moving average is $9.98 and its 200-day simple moving average is $11.77. The firm has a market capitalization of $1.73 billion, a P/E ratio of -13.80 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative return on equity of 26.29% and a negative net margin of 3,899.97%.The company had revenue of $0.72 million for the quarter, compared to analyst estimates of $1.00 million. Research analysts expect that Ivanhoe Electric will post -0.23 EPS for the current year.

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.