Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 9.7% – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares rose 9.7% during trading on Monday . The company traded as high as $9.73 and last traded at $9.73. Approximately 84,858 shares were traded during trading, a decline of 87% from the average daily volume of 657,419 shares. The stock had previously closed at $8.87.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th. Scotiabank reduced their price target on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th.

Ivanhoe Electric Stock Performance

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 company has a market cap of $1.03 billion, a price-to-earnings ratio of -5.37 and a beta of 0.66.

Hedge Funds Weigh In On Ivanhoe Electric

Several institutional investors have recently made changes to their positions in IE. The Manufacturers Life Insurance Company raised its stake in 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 buying an additional 1,165 shares in the last quarter. Old West Investment Management LLC increased its holdings in shares of Ivanhoe Electric by 2.2% in the 2nd quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock valued at $1,495,000 after acquiring an additional 3,369 shares during the period. Avior Wealth Management LLC bought a new position in shares of Ivanhoe Electric in the 3rd quarter worth $32,000. nVerses Capital LLC purchased a new stake in shares of Ivanhoe Electric during the 3rd quarter worth $33,000. Finally, Creative Planning boosted its position in Ivanhoe Electric by 33.9% during the third quarter. Creative Planning now owns 18,347 shares of the company’s stock valued at $155,000 after purchasing an additional 4,644 shares in the last quarter. Hedge funds and other 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.