Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 3.6% – Time to Sell?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) dropped 3.6% during trading on Monday . The company traded as low as $6.69 and last traded at $6.73. Approximately 1,002,509 shares changed hands during mid-day trading, an increase of 34% from the average daily volume of 745,521 shares. The stock had previously closed at $6.98.

Wall Street Analyst Weigh In

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

Ivanhoe Electric Price Performance

The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The business’s 50-day moving average is $6.31. The company has a market cap of $832.11 million, a price-to-earnings ratio of -4.33 and a beta of 0.74.

Insider Activity

In other news, CEO Joseph Taylor Melvin purchased 50,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were bought 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 directly 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 ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Graham Richard Thomas Boyd purchased 5,000 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired 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 of the company’s stock, valued at $67,103.30. This represents a 76.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 75,000 shares of company stock worth $434,350. Corporate insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently bought and sold shares of IE. Avior Wealth Management LLC acquired a new stake in shares of Ivanhoe Electric in the third quarter valued at about $32,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in Ivanhoe Electric in the 4th quarter valued at $80,000. BNP Paribas Financial Markets purchased a new position in shares of Ivanhoe Electric during the 4th quarter worth about $89,000. Eagle Global Advisors LLC acquired a new stake in shares of Ivanhoe Electric during the 4th quarter worth $100,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of Ivanhoe Electric during the 4th quarter worth about $103,000. 79.05% of the stock is currently 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.