Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 6.1% – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was down 6.1% on Tuesday . The company traded as low as $5.48 and last traded at $5.46. Approximately 109,276 shares traded hands during trading, a decline of 85% from the average daily volume of 712,518 shares. The stock had previously closed at $5.81.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Jefferies Financial Group decreased their price objective 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 report on Thursday, January 16th. Finally, Scotiabank cut their price objective on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th.

Ivanhoe Electric Price Performance

The firm has a market cap of $694.43 million, a P/E ratio of -3.62 and a beta of 0.74. The firm’s fifty day simple moving average is $6.21. 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 Transactions at Ivanhoe Electric

In other news, CFO Jordan Neeser acquired 20,000 shares of the stock in a transaction dated Wednesday, March 5th. The shares were acquired at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the completion of the transaction, the chief financial officer now owns 40,000 shares in the company, valued at approximately $234,400. This trade represents a 100.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph Taylor Melvin acquired 50,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at approximately $4,209,137.28. This represents a 7.34 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 75,000 shares of company stock valued at $434,350 in the last three months. Corporate insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IE. The Manufacturers Life Insurance Company lifted its stake in Ivanhoe Electric by 0.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 128,365 shares of the company’s stock valued at $1,086,000 after acquiring an additional 1,165 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Ivanhoe Electric by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock worth $566,000 after buying an additional 1,643 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Ivanhoe Electric by 6.0% in the fourth quarter. MetLife Investment Management LLC now owns 51,922 shares of the company’s stock valued at $392,000 after acquiring an additional 2,948 shares during the last quarter. California State Teachers Retirement System grew its position in shares of Ivanhoe Electric by 6.5% in the 4th quarter. California State Teachers Retirement System now owns 73,530 shares of the company’s stock valued at $555,000 after acquiring an additional 4,462 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Ivanhoe Electric by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 708,406 shares of the company’s stock valued at $5,348,000 after purchasing an additional 5,535 shares during the period. Institutional investors and hedge funds 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.