Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Large Growth in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the target of a significant growth in short interest in January. As of January 31st, there was short interest totalling 8,170,000 shares, a growth of 5.3% from the January 15th total of 7,760,000 shares. Based on an average daily trading volume, of 582,300 shares, the days-to-cover ratio is presently 14.0 days. Currently, 11.1% of the company’s stock are sold short.

Ivanhoe Electric Stock Up 4.5 %

Shares of Ivanhoe Electric stock traded up $0.27 during trading on Monday, hitting $6.25. 799,680 shares of the stock traded hands, compared to its average volume of 593,489. The firm has a market cap of $752.88 million, a price-to-earnings ratio of -3.93 and a beta of 0.74. Ivanhoe Electric has a twelve month low of $5.76 and a twelve month high of $12.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IE. Jefferies Financial Group dropped their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Scotiabank dropped their price objective on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Avior Wealth Management LLC bought a new stake in shares of Ivanhoe Electric during the 3rd quarter worth about $32,000. nVerses Capital LLC bought a new stake in Ivanhoe Electric during the third quarter worth approximately $33,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in Ivanhoe Electric during the fourth quarter valued at approximately $80,000. BNP Paribas Financial Markets acquired a new position in Ivanhoe Electric during the fourth quarter valued at approximately $89,000. Finally, Eagle Global Advisors LLC bought a new position in shares of Ivanhoe Electric in the fourth quarter valued at approximately $100,000. Institutional investors own 79.05% of the company’s stock.

About Ivanhoe Electric

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.