Ivanhoe Electric (NYSEAMERICAN:IE) Reaches New 52-Week Low – Here’s What Happened

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) hit a new 52-week low on Thursday . The company traded as low as $5.33 and last traded at $5.46, with a volume of 67381 shares changing hands. The stock had previously closed at $5.75.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on IE shares. Jefferies Financial Group lowered their target price on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Scotiabank dropped their price objective on 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 Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th.

Ivanhoe Electric Price Performance

The stock has a market cap of $572.45 million, a P/E ratio of -2.98 and a beta of 0.74. 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 firm’s 50 day moving average is $6.13.

Insider Transactions at Ivanhoe Electric

In other Ivanhoe Electric news, CFO Jordan Neeser acquired 20,000 shares of Ivanhoe Electric stock in a transaction on Wednesday, March 5th. The shares were purchased at an average cost of $5.86 per share, with a total value of $117,200.00. Following the completion of the purchase, the chief financial officer now owns 40,000 shares in the company, valued at $234,400. The trade was a 100.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Joseph Taylor Melvin bought 50,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $5.76 per share, with a total value of $288,000.00. Following the transaction, the chief executive officer now directly owns 730,753 shares in the company, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 75,000 shares of company stock worth $434,350. Corporate insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IE. Barclays PLC increased its holdings in shares of Ivanhoe Electric by 358.9% in the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after acquiring an additional 106,288 shares in the last quarter. State Street Corp increased its stake in Ivanhoe Electric by 94.5% during the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after purchasing an additional 1,558,467 shares in the last quarter. Intech Investment Management LLC bought a new position in Ivanhoe Electric in the third quarter valued at approximately $162,000. Charles Schwab Investment Management Inc. lifted its stake in Ivanhoe Electric by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company’s stock valued at $5,946,000 after buying an additional 8,023 shares in the last quarter. Finally, Arizona State Retirement System acquired a new position in shares of Ivanhoe Electric in the fourth quarter valued at approximately $171,000. 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.