Ivanhoe Electric (NYSEAMERICAN:IE) Price Target Cut to $20.00 by Analysts at JPMorgan Chase & Co.

Ivanhoe Electric (NYSEAMERICAN:IE) had its target price dropped by research analysts at JPMorgan Chase & Co. from $21.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 125.48% from the stock’s previous close.

Ivanhoe Electric Price Performance

NYSEAMERICAN IE opened at $8.87 on Thursday. The company has a 50 day simple moving average of $11.80 and a 200-day simple moving average of $14.09. The firm has a market capitalization of $1.40 billion, a price-to-earnings ratio of -10.95 and a beta of 1.23. Ivanhoe Electric has a 52-week low of $8.44 and a 52-week high of $21.55.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.11). Ivanhoe Electric had a negative return on equity of 29.11% and a negative net margin of 3,477.73%.The company had revenue of $0.86 million for the quarter, compared to analyst estimates of $0.90 million. On average, analysts predict that Ivanhoe Electric will post 0.02 EPS for the current year.

Hedge Funds Weigh In On Ivanhoe Electric

Several institutional investors and hedge funds have recently modified their holdings of IE. KBC Group NV purchased a new stake in shares of Ivanhoe Electric during the first quarter worth $28,000. FNY Investment Advisers LLC acquired a new stake in shares of Ivanhoe Electric during the 4th quarter valued at about $56,000. Tower Research Capital LLC TRC grew its stake in shares of Ivanhoe Electric by 146.0% in the 2nd 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. Summit Securities Group LLC grew its stake in shares of Ivanhoe Electric by 146.5% in the 1st quarter. Summit Securities Group LLC now owns 6,000 shares of the company’s stock valued at $71,000 after buying an additional 18,900 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in Ivanhoe Electric by 43.6% in the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after buying an additional 2,449 shares during the last quarter. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

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.