Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 4.4% – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) traded up 4.4% on Friday . The company traded as high as $6.62 and last traded at $6.61. 416,371 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 684,425 shares. The stock had previously closed at $6.33.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on IE shares. Scotiabank cut their price target on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a report on Monday, January 6th. Jefferies Financial Group reduced their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, JPMorgan Chase & Co. dropped their price objective on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, January 16th.

Ivanhoe Electric Stock Performance

The firm has a fifty day simple moving average of $6.37. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $825.46 million, a price-to-earnings ratio of -4.34 and a beta of 0.74.

Insiders Place Their Bets

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin purchased 50,000 shares of Ivanhoe Electric stock in a transaction dated Friday, March 7th. The stock was purchased 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 of the company’s stock, valued at $4,209,137.28. This trade represents a 7.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jordan Neeser bought 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were acquired at an average price of $5.86 per share, with a total value of $117,200.00. Following the completion of the transaction, the chief financial officer now directly owns 40,000 shares of the company’s stock, valued at $234,400. This trade represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 75,000 shares of company stock valued at $434,350. Company insiders own 10.50% of the company’s stock.

Institutional Investors Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company boosted its stake in shares of Ivanhoe Electric by 0.9% in the third quarter. The Manufacturers Life Insurance Company now owns 128,365 shares of the company’s stock worth $1,086,000 after acquiring an additional 1,165 shares during the period. JPMorgan Chase & Co. boosted its stake in Ivanhoe Electric by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock worth $566,000 after purchasing an additional 1,643 shares during the period. MetLife Investment Management LLC boosted its stake in Ivanhoe Electric by 6.0% in the 4th quarter. MetLife Investment Management LLC now owns 51,922 shares of the company’s stock worth $392,000 after purchasing an additional 2,948 shares during the period. Avior Wealth Management LLC bought a new stake in shares of Ivanhoe Electric during the third quarter valued at approximately $32,000. Finally, California State Teachers Retirement System lifted its holdings in shares of Ivanhoe Electric by 6.5% in the fourth quarter. California State Teachers Retirement System now owns 73,530 shares of the company’s stock worth $555,000 after buying an additional 4,462 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.