Ivanhoe Electric Inc. (NYSEAMERICAN:IE) CEO Buys $288,000.00 in Stock

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) CEO Joseph Taylor Melvin purchased 50,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was acquired at an average cost of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the purchase, the chief executive officer now owns 730,753 shares of the company’s stock, valued at approximately $4,209,137.28. This trade represents a 7.34 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Ivanhoe Electric Stock Up 1.8 %

NYSEAMERICAN IE opened at $5.81 on Thursday. The company has a market capitalization of $701.67 million, a P/E ratio of -3.65 and a beta of 0.74. Ivanhoe Electric Inc. has a 52 week low of $5.34 and a 52 week high of $12.98. The firm’s 50 day moving average price is $6.56. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently modified their holdings of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Ivanhoe Electric by 34.9% during the fourth 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 acquiring an additional 54,771 shares in the last quarter. ProShare Advisors LLC grew its holdings in Ivanhoe Electric by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 23,541 shares of the company’s stock worth $178,000 after buying an additional 7,746 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Ivanhoe Electric by 78.3% during the fourth 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 in the last quarter. Deutsche Bank AG grew its holdings in Ivanhoe Electric by 49.7% during the fourth 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. Finally, Eagle Global Advisors LLC bought a new stake in Ivanhoe Electric during the fourth quarter worth $100,000. Institutional investors own 79.05% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IE. Scotiabank dropped their price target on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. JPMorgan Chase & Co. dropped their price target 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, Jefferies Financial Group dropped their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 6th.

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.