Formula Growth Ltd. Makes New $611,000 Investment in Ivanhoe Electric Inc. $IE

Formula Growth Ltd. acquired a new stake in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 63,598 shares of the company’s stock, valued at approximately $611,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Goehring & Rozencwajg Associates LLC increased its stake in shares of Ivanhoe Electric by 18.3% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,115,009 shares of the company’s stock worth $24,999,000 after buying an additional 327,112 shares during the period. Kopernik Global Investors LLC boosted its position in Ivanhoe Electric by 316.1% during the 1st quarter. Kopernik Global Investors LLC now owns 1,784,170 shares of the company’s stock valued at $21,089,000 after buying an additional 1,355,418 shares during the period. MFN Partners Management LP bought a new stake in Ivanhoe Electric in the 2nd quarter worth $24,536,166,000. Bank of America Corp DE grew its holdings in Ivanhoe Electric by 535.6% in the 1st quarter. Bank of America Corp DE now owns 1,259,817 shares of the company’s stock worth $14,891,000 after acquiring an additional 1,061,613 shares during the last quarter. Finally, Invst LLC purchased a new position in shares of Ivanhoe Electric in the second quarter valued at about $1,276,000. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Down 2.0%

Shares of IE stock opened at $11.69 on Friday. The stock has a fifty day moving average of $9.86 and a 200 day moving average of $12.18. Ivanhoe Electric Inc. has a 52 week low of $7.86 and a 52 week high of $21.55. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of -14.80 and a beta of 1.24.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings results on Friday, August 7th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.28. The business had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. Equities research analysts anticipate that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

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, July 9th. One analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to MarketBeat.com, Ivanhoe Electric has an average rating of “Buy” and an average target price of $17.83.

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.