Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 1-Year Low – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) reached a new 52-week low on Wednesday . The stock traded as low as $8.48 and last traded at $8.47, with a volume of 634375 shares changing hands. The stock had previously closed at $9.14.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. lowered their price objective on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $17.62.

Ivanhoe Electric Stock Up 1.9%

The firm has a market cap of $1.46 billion, a PE ratio of -11.30 and a beta of 1.23. The business has a 50-day moving average price of $11.72 and a two-hundred day moving average price of $14.04.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Ivanhoe Electric by 3.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,657 shares of the company’s stock worth $441,000 after acquiring an additional 957 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Ivanhoe Electric by 3.8% in the 2nd quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock valued at $305,000 after acquiring an additional 1,247 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH raised its position in shares of Ivanhoe Electric by 1.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 119,248 shares of the company’s stock worth $1,924,000 after acquiring an additional 1,536 shares in the last quarter. KBC Group NV purchased a new stake in Ivanhoe Electric during the first quarter worth approximately $28,000. Finally, BNP Paribas Financial Markets lifted its stake in Ivanhoe Electric by 43.6% during the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after purchasing an additional 2,449 shares during the last quarter. Hedge funds and other 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.