Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Up 4.4% – Should You Buy?

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

Wall Street Analyst Weigh In

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

Ivanhoe Electric Price Performance

The business has a 50-day moving average price 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 company has a market cap of $825.46 million, a P/E ratio of -4.34 and a beta of 0.74.

Insider Transactions at Ivanhoe Electric

In other news, CEO Joseph Taylor Melvin acquired 50,000 shares of Ivanhoe Electric stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost 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 position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, VP Graham Richard Thomas Boyd acquired 5,000 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $5.83 per share, with a total value of $29,150.00. Following the purchase, the vice president now owns 11,510 shares of the company’s stock, valued at $67,103.30. The trade was a 76.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 75,000 shares of company stock worth $434,350. 10.50% of the stock is currently owned by company insiders.

Institutional Trading of Ivanhoe Electric

Several institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System raised its stake in shares of Ivanhoe Electric by 6.5% during the fourth 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 in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Ivanhoe Electric by 34.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 211,513 shares of the company’s stock valued at $1,597,000 after purchasing an additional 54,771 shares in the last quarter. ProShare Advisors LLC raised its position in Ivanhoe Electric by 49.0% during the 4th quarter. ProShare Advisors LLC now owns 23,541 shares of the company’s stock valued at $178,000 after purchasing an additional 7,746 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Ivanhoe Electric by 78.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 917,272 shares of the company’s stock worth $6,995,000 after buying an additional 402,879 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Ivanhoe Electric by 49.7% during the 4th quarter. Deutsche Bank AG now owns 77,971 shares of the company’s stock worth $589,000 after buying an additional 25,873 shares in the last quarter. 79.05% of the stock is currently owned by 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.