Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 5.3% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price shot up 5.3% on Wednesday . The stock traded as high as $9.73 and last traded at $9.73. 53,998 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 672,782 shares. The stock had previously closed at $9.24.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Scotiabank decreased their target price on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th.

Ivanhoe Electric Trading Up 4.5 %

The company has a quick ratio of 3.52, a current ratio of 3.66 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.16 billion, a P/E ratio of -9.27 and a beta of 0.82.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The firm had revenue of $0.54 million for the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative net margin of 4,142.17% and a negative return on equity of 32.81%. Research analysts expect that Ivanhoe Electric Inc. will post -1.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds have recently bought and sold shares of the company. Tidal Investments LLC increased its holdings in shares of Ivanhoe Electric by 432.6% during the first quarter. Tidal Investments LLC now owns 300,825 shares of the company’s stock valued at $2,948,000 after acquiring an additional 244,341 shares in the last quarter. Goehring & Rozencwajg Associates LLC increased its stake in Ivanhoe Electric by 13.9% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock valued at $15,301,000 after purchasing an additional 199,400 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Ivanhoe Electric by 51.2% during the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock worth $2,746,000 after buying an additional 99,106 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Ivanhoe Electric by 6.7% in the first quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock valued at $6,689,000 after buying an additional 42,843 shares in the last quarter. Finally, Mak Capital One LLC grew its holdings in shares of Ivanhoe Electric by 21.6% during the second quarter. Mak Capital One LLC now owns 1,780,872 shares of the company’s stock valued at $16,705,000 after buying an additional 316,903 shares during the last quarter. 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.