Ivanhoe Electric (NYSEAMERICAN:IE) Trading 7.7% Higher – Still a Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price rose 7.7% on Tuesday . The stock traded as high as $7.87 and last traded at $7.73. Approximately 278,549 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 654,268 shares. The stock had previously closed at $7.18.

Wall Street Analysts Forecast Growth

Separately, 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 cap of $939.59 million, a PE ratio of -4.91 and a beta of 0.66.

Institutional Investors Weigh In On Ivanhoe Electric

A number of hedge funds have recently bought and sold shares of IE. Goehring & Rozencwajg Associates LLC grew its position in shares of Ivanhoe Electric by 13.9% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after acquiring an additional 199,400 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Ivanhoe Electric during the third quarter valued at approximately $162,000. SG Americas Securities LLC acquired a new position in Ivanhoe Electric in the third quarter worth approximately $431,000. Bank of New York Mellon Corp increased its holdings 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 buying an additional 99,106 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Ivanhoe Electric by 94.5% in the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after acquiring an additional 1,558,467 shares during the last quarter. 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.