Adage Capital Partners GP L.L.C. Sells 123,088 Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE)

Adage Capital Partners GP L.L.C. decreased its position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 13.7% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 772,890 shares of the company’s stock after selling 123,088 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in Ivanhoe Electric were worth $5,835,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC increased its stake in shares of Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock valued at $1,150,000 after acquiring an additional 106,288 shares in the last quarter. Kopernik Global Investors LLC raised its holdings in shares of Ivanhoe Electric by 5.4% in the 4th quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company’s stock worth $19,307,000 after acquiring an additional 130,807 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of Ivanhoe Electric by 59.8% in the 4th quarter. Legal & General Group Plc now owns 1,323,372 shares of the company’s stock worth $9,991,000 after acquiring an additional 495,325 shares during the last quarter. Rhumbline Advisers increased its stake in Ivanhoe Electric by 6.5% in the 4th quarter. Rhumbline Advisers now owns 106,923 shares of the company’s stock valued at $807,000 after buying an additional 6,505 shares during the last quarter. Finally, Arizona State Retirement System purchased a new stake in Ivanhoe Electric in the 4th quarter valued at about $171,000. Institutional investors own 79.05% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on IE. Scotiabank decreased their price objective on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research note on Monday, January 6th. JPMorgan Chase & Co. decreased their price target on shares of Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Jefferies Financial Group decreased their price target on shares of 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, Raymond James set a $15.00 price target on shares of Ivanhoe Electric and gave the stock an “outperform” rating in a research note on Friday, April 4th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $12.88.

Ivanhoe Electric Stock Up 0.6 %

IE opened at $6.59 on Tuesday. The company has a 50 day moving average of $6.01 and a 200 day moving average of $7.63. The company has a market cap of $795.87 million, a PE ratio of -4.14 and a beta of 0.74. Ivanhoe Electric Inc. has a 12 month low of $4.50 and a 12 month high of $12.98. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insider Buying and Selling

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd purchased 5,000 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $5.83 per share, for a total transaction of $29,150.00. Following the completion of 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 position. The transaction was disclosed in a filing 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 that occurred on Friday, March 7th. The shares were bought at an average price of $5.76 per share, with a total value of $288,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 730,753 shares in the company, valued at $4,209,137.28. This trade represents a 7.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 75,000 shares of company stock valued at $434,350. Company insiders own 10.50% of the company’s stock.

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.