Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 9.8% – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares dropped 9.8% during mid-day trading on Friday . The stock traded as low as $12.15 and last traded at $12.1390. Approximately 535,793 shares traded hands during trading, a decline of 74% from the average daily volume of 2,030,034 shares. The stock had previously closed at $13.46.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. cut their price target on shares of Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat, Ivanhoe Electric presently has an average rating of “Buy” and an average target price of $17.88.

Ivanhoe Electric Stock Performance

The company has a 50 day simple moving average of $13.15 and a two-hundred day simple moving average of $14.68. The firm has a market cap of $1.86 billion, a PE ratio of -14.52 and a beta of 1.15.

Hedge Funds Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently bought and sold shares of IE. Vanguard Group Inc. lifted its position in Ivanhoe Electric by 1.5% during the third quarter. Vanguard Group Inc. now owns 5,289,271 shares of the company’s stock valued at $66,380,000 after purchasing an additional 80,693 shares during the period. Alps Advisors Inc. raised its position in Ivanhoe Electric by 40.3% during the third quarter. Alps Advisors Inc. now owns 158,410 shares of the company’s stock valued at $1,988,000 after acquiring an additional 45,502 shares in the last quarter. Militia Capital Partners LP acquired a new position in Ivanhoe Electric in the third quarter valued at approximately $1,130,000. Teachers Retirement System of The State of Kentucky purchased a new position in shares of Ivanhoe Electric during the 4th quarter valued at approximately $1,572,000. Finally, SG Americas Securities LLC increased its holdings in Ivanhoe Electric by 186.1% in the fourth quarter. SG Americas Securities LLC now owns 150,740 shares of the company’s stock valued at $2,409,000 after buying an additional 98,052 shares in the last quarter. Institutional investors and hedge funds 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.