Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 4.4% After Analyst Downgrade

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was down 4.4% on Monday after Jefferies Financial Group lowered their price target on the stock from $15.00 to $10.00. Jefferies Financial Group currently has a buy rating on the stock. Ivanhoe Electric traded as low as $7.62 and last traded at $7.64. Approximately 57,433 shares changed hands during trading, a decline of 74% from the average daily volume of 223,954 shares. The stock had previously closed at $7.99.

Separately, Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently made changes to their positions in IE. Avior Wealth Management LLC purchased a new stake in Ivanhoe Electric in the 3rd quarter valued at $32,000. nVerses Capital LLC purchased a new stake in shares of Ivanhoe Electric in the third quarter valued at about $33,000. Principal Financial Group Inc. bought a new position in shares of Ivanhoe Electric during the second quarter valued at about $106,000. Creative Planning boosted its holdings in Ivanhoe Electric by 33.9% during the third quarter. Creative Planning now owns 18,347 shares of the company’s stock worth $155,000 after purchasing an additional 4,644 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in Ivanhoe Electric in the 3rd quarter worth about $162,000. 79.05% of the stock is owned by institutional investors.

Ivanhoe Electric Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. The company has a market cap of $915.50 million, a P/E ratio of -4.78 and a beta of 0.66.

Ivanhoe Electric Company Profile

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.