Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down – Time to Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares gapped down before the market opened on Thursday . The stock had previously closed at $10.90, but opened at $10.26. Ivanhoe Electric shares last traded at $10.0440, with a volume of 544,700 shares traded.

Wall Street Analysts Forecast Growth

Separately, JPMorgan Chase & Co. reduced their price target on 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 research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $17.83.

Ivanhoe Electric Stock Up 0.5%

The firm has a 50 day moving average price of $10.00 and a two-hundred day moving average price of $11.76. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of -13.16 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings results on Friday, August 7th. The company reported $0.16 EPS for the quarter, topping the consensus estimate 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 business had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $1.00 million. Analysts predict that Ivanhoe Electric Inc. will post -0.23 earnings per share for the current year.

Hedge Funds Weigh In On Ivanhoe Electric

Several institutional investors and hedge funds have recently made changes to their positions in IE. JPMorgan Chase & Co. increased its stake in shares of Ivanhoe Electric by 24.9% in 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 during the last quarter. Rhumbline Advisers boosted its stake in Ivanhoe Electric by 7.7% during the 2nd quarter. Rhumbline Advisers now owns 121,285 shares of the company’s stock valued at $1,100,000 after acquiring an additional 8,622 shares during the last quarter. Invesco Ltd. grew its holdings in Ivanhoe Electric by 3.8% during the 2nd quarter. Invesco Ltd. now owns 33,674 shares of the company’s stock worth $305,000 after acquiring an additional 1,247 shares in the last quarter. Sei Investments Co. grew its holdings in Ivanhoe Electric by 33.6% during the 2nd quarter. Sei Investments Co. now owns 112,690 shares of the company’s stock worth $1,022,000 after acquiring an additional 28,318 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position 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 worth $12,273,000 after purchasing an additional 378,760 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.