Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 52-Week Low – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) hit a new 52-week low on Thursday . The stock traded as low as $5.33 and last traded at $5.46, with a volume of 67381 shares trading hands. The stock had previously closed at $5.75.

Wall Street Analyst Weigh In

IE has been the subject of a number of recent research reports. JPMorgan Chase & Co. decreased their price objective on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Scotiabank lowered their price target 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. Finally, Jefferies Financial Group cut their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 6th.

Ivanhoe Electric Trading Down 9.2 %

The firm has a market capitalization of $630.42 million, a PE ratio of -3.28 and a beta of 0.74. The company’s 50-day simple moving average is $6.21. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26.

Insider Buying and Selling

In related news, VP Graham Richard Thomas Boyd bought 5,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price 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 approximately $67,103.30. This trade represents a 76.80 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Joseph Taylor Melvin acquired 50,000 shares of the firm’s stock in a transaction on 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 acquisition, the chief executive officer now owns 730,753 shares of the company’s stock, valued at $4,209,137.28. This represents a 7.34 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 75,000 shares of company stock valued at $434,350. 10.50% of the stock is owned by company insiders.

Institutional Trading of Ivanhoe Electric

Hedge funds and other institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its stake in Ivanhoe Electric by 13.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company’s stock valued at $36,566,000 after purchasing an additional 589,456 shares in the last quarter. State Street Corp raised its stake in shares of Ivanhoe Electric by 94.5% in the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after purchasing an additional 1,558,467 shares during the last quarter. Kopernik Global Investors LLC boosted its position in shares of Ivanhoe Electric by 5.4% during the fourth quarter. Kopernik Global Investors LLC now owns 2,557,225 shares of the company’s stock valued at $19,307,000 after buying an additional 130,807 shares during the last quarter. Alyeska Investment Group L.P. raised its position in Ivanhoe Electric by 4.8% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,081,096 shares of the company’s stock worth $15,712,000 after buying an additional 95,749 shares during the last quarter. Finally, Legal & General Group Plc lifted its stake in Ivanhoe Electric by 59.8% during the 4th quarter. Legal & General Group Plc now owns 1,323,372 shares of the company’s stock valued at $9,991,000 after acquiring an additional 495,325 shares during the period. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.