Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 12-Month Low – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price hit a new 52-week low during trading on Wednesday . The company traded as low as $6.31 and last traded at $6.35, with a volume of 596969 shares changing hands. The stock had previously closed at $6.58.

Analyst Upgrades and Downgrades

IE has been the topic of several recent research reports. Eight Capital upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th. Jefferies Financial Group dropped their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 6th. JPMorgan Chase & Co. decreased their price target on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th. Finally, Scotiabank lowered their price target on 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.

Ivanhoe Electric Stock Down 3.5 %

The firm has a market cap of $764.92 million, a price-to-earnings ratio of -3.99 and a beta of 0.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its earnings results on Friday, November 8th. The company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.34) by ($0.02). The firm had revenue of $0.67 million during the quarter, compared to analyst estimates of $1.00 million. Ivanhoe Electric had a negative net margin of 5,947.19% and a negative return on equity of 59.78%. Equities research analysts anticipate that Ivanhoe Electric Inc. will post -1.47 earnings per share for the current fiscal year.

Institutional Trading of Ivanhoe Electric

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its holdings in Ivanhoe Electric by 94.5% in the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock valued at $27,132,000 after buying an additional 1,558,467 shares during the last quarter. Raffles Associates LP raised its stake in shares of Ivanhoe Electric by 70.0% during the third quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock valued at $9,400,000 after acquiring an additional 457,479 shares during the last quarter. Mak Capital One LLC lifted its holdings in shares of Ivanhoe Electric by 21.6% during the second quarter. Mak Capital One LLC now owns 1,780,872 shares of the company’s stock worth $16,705,000 after purchasing an additional 316,903 shares during the period. PDT Partners LLC bought a new stake in shares of Ivanhoe Electric in the third quarter worth $1,122,000. Finally, Barclays PLC grew its stake in shares of Ivanhoe Electric by 358.9% in the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after purchasing an additional 106,288 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

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.