Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 6.1% – Time to Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) fell 6.1% during trading on Tuesday . The stock traded as low as $5.48 and last traded at $5.46. 109,276 shares changed hands during trading, a decline of 85% from the average session volume of 712,518 shares. The stock had previously closed at $5.81.

Analysts Set New Price Targets

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

Ivanhoe Electric Price Performance

The company has a market cap of $694.43 million, a P/E ratio of -3.62 and a beta of 0.74. The firm has a 50-day simple moving average of $6.21. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insider Transactions at Ivanhoe Electric

In related news, CEO Joseph Taylor Melvin bought 50,000 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was purchased at an average price of $5.76 per share, with a total value of $288,000.00. Following the completion of the acquisition, the chief executive officer now owns 730,753 shares of the company’s stock, valued at $4,209,137.28. The trade was a 7.34 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Graham Richard Thomas Boyd purchased 5,000 shares of Ivanhoe Electric stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the completion of the purchase, the vice president now owns 11,510 shares in the company, valued at $67,103.30. This represents a 76.80 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 75,000 shares of company stock valued at $434,350. Company insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

Institutional investors have recently added to or reduced their stakes in the stock. Generali Investments CEE investicni spolecnost a.s. bought a new position in Ivanhoe Electric in the fourth quarter valued at about $80,000. BNP Paribas Financial Markets acquired a new position in shares of Ivanhoe Electric in the fourth quarter valued at approximately $89,000. Eagle Global Advisors LLC bought a new position in Ivanhoe Electric in the 4th quarter valued at approximately $100,000. KLP Kapitalforvaltning AS acquired a new stake in Ivanhoe Electric during the 4th quarter worth approximately $103,000. Finally, Ameriprise Financial Inc. bought a new stake in Ivanhoe Electric during the 4th quarter worth approximately $104,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

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.