Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 3.6% – Here’s What Happened

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) dropped 3.6% during trading on Monday . The company traded as low as $6.69 and last traded at $6.73. Approximately 1,002,509 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 745,521 shares. The stock had previously closed at $6.98.

Analysts Set New Price Targets

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

Ivanhoe Electric Stock Down 3.2 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. The company has a 50 day simple moving average of $6.36. The firm has a market cap of $816.41 million, a PE ratio of -4.25 and a beta of 0.74.

Insiders Place Their Bets

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin acquired 50,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was acquired at an average cost of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the transaction, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at $4,209,137.28. This represents a 7.34 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Graham Richard Thomas Boyd bought 5,000 shares of the firm’s stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the transaction, the vice president now directly owns 11,510 shares in the company, valued at approximately $67,103.30. This represents a 76.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 75,000 shares of company stock valued at $434,350. Company insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of large investors have recently added to or reduced their stakes in IE. Avior Wealth Management LLC purchased a new stake in shares of Ivanhoe Electric during the third quarter worth approximately $32,000. Generali Investments CEE investicni spolecnost a.s. purchased a new position in shares of Ivanhoe Electric in the fourth quarter worth about $80,000. BNP Paribas Financial Markets acquired a new position in Ivanhoe Electric during the fourth quarter worth about $89,000. Eagle Global Advisors LLC purchased a new stake in Ivanhoe Electric during the 4th quarter valued at about $100,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Ivanhoe Electric in the 4th quarter valued at about $103,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

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.