Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 4.5% – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price fell 4.5% during mid-day trading on Friday . The stock traded as low as $7.77 and last traded at $7.84. 43,928 shares changed hands during trading, a decline of 93% from the average session volume of 654,044 shares. The stock had previously closed at $8.21.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IE. Scotiabank cut their price objective on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th. Eight Capital upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th.

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 capitalization of $921.52 million, a price-to-earnings ratio of -4.86 and a beta of 0.66.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Goehring & Rozencwajg Associates LLC boosted its stake in shares of Ivanhoe Electric by 13.9% in the second 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 during the period. Intech Investment Management LLC purchased a new position in shares of Ivanhoe Electric in the third quarter valued at approximately $162,000. SG Americas Securities LLC purchased a new position in shares of Ivanhoe Electric in the third quarter valued at approximately $431,000. Bank of New York Mellon Corp boosted its stake in shares of Ivanhoe Electric by 51.2% in the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock valued at $2,746,000 after purchasing an additional 99,106 shares during the period. Finally, Vanguard Group Inc. boosted 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 purchasing an additional 42,843 shares during the period. 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.