Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 5.8% – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares fell 5.8% on Tuesday . The company traded as low as $8.91 and last traded at $8.93. 78,531 shares were traded during trading, a decline of 88% from the average session volume of 663,490 shares. The stock had previously closed at $9.48.

Analyst Ratings Changes

Several analysts have recently weighed in on IE shares. Scotiabank decreased their price target on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th.

Ivanhoe Electric Stock Up 5.6 %

The firm has a market cap of $1.11 billion, a price-to-earnings ratio of -5.80 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Sei Investments Co. grew its holdings in Ivanhoe Electric by 11.5% in the first quarter. Sei Investments Co. now owns 44,849 shares of the company’s stock worth $440,000 after purchasing an additional 4,610 shares during the last quarter. ProShare Advisors LLC grew its stake in Ivanhoe Electric by 10.0% during the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock worth $113,000 after buying an additional 1,043 shares during the last quarter. Vanguard Group Inc. increased its position in Ivanhoe Electric by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock valued at $6,689,000 after buying an additional 42,843 shares in the last quarter. Tidal Investments LLC raised its stake in Ivanhoe Electric by 432.6% in the first quarter. Tidal Investments LLC now owns 300,825 shares of the company’s stock valued at $2,948,000 after buying an additional 244,341 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Ivanhoe Electric by 51.2% in the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock worth $2,746,000 after acquiring an additional 99,106 shares in the last quarter. 79.05% of the stock is owned by institutional investors.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.