Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 52-Week Low – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price hit a new 52-week low on Monday . The company traded as low as $5.37 and last traded at $5.45, with a volume of 413613 shares trading hands. The stock had previously closed at $5.78.

Wall Street Analysts Forecast Growth

IE has been the subject of several research analyst reports. Jefferies Financial Group lowered their price target on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a report on Monday, January 6th. JPMorgan Chase & Co. lowered their price objective 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. Finally, Scotiabank cut 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.

Ivanhoe Electric Price Performance

The company has a market cap of $701.67 million, a P/E ratio of -3.65 and a beta of 0.74. The company has a 50-day moving average price of $6.56. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insider Activity

In other news, VP Graham Richard Thomas Boyd bought 5,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $5.83 per share, with a total value of $29,150.00. Following the completion of the transaction, the vice president now directly owns 11,510 shares of the company’s stock, valued at $67,103.30. This trade represents a 76.80 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Joseph Taylor Melvin bought 50,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $5.76 per share, with a total value of $288,000.00. Following the completion of the transaction, the chief executive officer now 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 disclosure for this purchase can be found here. In the last three months, insiders have bought 75,000 shares of company stock valued at $434,350. 10.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Avior Wealth Management LLC purchased a new position in Ivanhoe Electric in the third quarter worth $32,000. Generali Investments CEE investicni spolecnost a.s. purchased a new stake in Ivanhoe Electric during the fourth quarter valued at about $80,000. BNP Paribas Financial Markets bought a new position in Ivanhoe Electric during the fourth quarter worth about $89,000. Eagle Global Advisors LLC purchased a new position in Ivanhoe Electric in the 4th quarter valued at approximately $100,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Ivanhoe Electric during the fourth quarter worth $103,000. Institutional investors own 79.05% 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.