Ivanhoe Electric (NYSEAMERICAN:IE) Price Target Cut to $14.00

Ivanhoe Electric (NYSEAMERICAN:IE) had its price objective decreased by stock analysts at Scotiabank from $14.50 to $14.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 100.57% from the company’s current price.

Ivanhoe Electric Stock Performance

NYSEAMERICAN IE opened at $6.98 on Monday. Ivanhoe Electric has a one year low of $6.79 and a one year high of $16.54. The company has a current ratio of 4.89, a quick ratio of 4.76 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $839.76 million, a price-to-earnings ratio of -6.50 and a beta of 0.85.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Ivanhoe Electric had a negative net margin of 3,007.59% and a negative return on equity of 33.64%. The company had revenue of $0.54 million during the quarter, compared to analyst estimates of $1.00 million. As a group, research analysts expect that Ivanhoe Electric will post -1.18 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IE. Mak Capital One LLC raised its stake in shares of Ivanhoe Electric by 30.2% during the 4th quarter. Mak Capital One LLC now owns 1,289,103 shares of the company’s stock worth $12,994,000 after buying an additional 299,018 shares during the last quarter. Tidal Investments LLC raised its position in Ivanhoe Electric by 432.6% during the first quarter. Tidal Investments LLC now owns 300,825 shares of the company’s stock worth $2,948,000 after acquiring an additional 244,341 shares during the last quarter. Goehring & Rozencwajg Associates LLC lifted its holdings in shares of Ivanhoe Electric by 4.1% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 1,361,329 shares of the company’s stock valued at $13,722,000 after purchasing an additional 53,045 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of Ivanhoe Electric in the fourth quarter valued at approximately $151,000. Finally, Vanguard Group Inc. increased its stake in shares of Ivanhoe Electric by 6.7% during the 1st quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock worth $6,689,000 after purchasing an additional 42,843 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other 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.