Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 3.6% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price dropped 3.6% on Monday . The stock 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 research analysts have recently issued reports on IE shares. Jefferies Financial Group lowered their price objective on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, January 6th. Scotiabank dropped their target price on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 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 Price Performance

The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market cap of $832.11 million, a price-to-earnings ratio of -4.33 and a beta of 0.74. The company has a 50 day moving average price of $6.31.

Insider Buying and Selling

In other news, CFO Jordan Neeser bought 20,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were purchased at an average price of $5.86 per share, for a total transaction of $117,200.00. Following the purchase, the chief financial officer now owns 40,000 shares of the company’s stock, valued at approximately $234,400. The trade was a 100.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through 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, for a total transaction of $288,000.00. Following the acquisition, 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 position. The disclosure for this purchase can be found here. Insiders have acquired a total of 75,000 shares of company stock worth $434,350 in the last three months. Insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds have recently added to or reduced their stakes in the stock. Avior Wealth Management LLC bought a new position in shares of Ivanhoe Electric during the 3rd quarter worth approximately $32,000. Generali Investments CEE investicni spolecnost a.s. bought a new position in shares of Ivanhoe Electric during the 4th quarter worth approximately $80,000. BNP Paribas Financial Markets purchased a new position in Ivanhoe Electric in the fourth quarter worth $89,000. Eagle Global Advisors LLC purchased a new stake in Ivanhoe Electric during the fourth quarter worth about $100,000. Finally, KLP Kapitalforvaltning AS bought a new position in Ivanhoe Electric during the fourth quarter valued at $103,000. 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.