Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Large Increase in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the target of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 9,640,000 shares, a growth of 7.8% from the October 15th total of 8,940,000 shares. Based on an average daily volume of 736,300 shares, the short-interest ratio is currently 13.1 days. Currently, 13.2% of the shares of the company are short sold.

Ivanhoe Electric Stock Performance

Shares of IE stock traded down $0.31 during trading hours on Monday, hitting $9.15. 527,719 shares of the company were exchanged, compared to its average volume of 670,039. The company has a debt-to-equity ratio of 0.26, a quick ratio of 3.52 and a current ratio of 2.50. Ivanhoe Electric has a one year low of $6.31 and a one year high of $12.98. The stock has a market capitalization of $1.10 billion, a price-to-earnings ratio of -5.75 and a beta of 0.73.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th. Scotiabank reduced their target price on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Avior Wealth Management LLC acquired a new stake in Ivanhoe Electric during the 3rd quarter valued at $32,000. nVerses Capital LLC acquired a new stake in Ivanhoe Electric during the 3rd quarter valued at $33,000. MQS Management LLC purchased a new position in shares of Ivanhoe Electric during the 1st quarter valued at $100,000. Principal Financial Group Inc. purchased a new position in shares of Ivanhoe Electric during the 2nd quarter valued at $106,000. Finally, ProShare Advisors LLC grew its holdings in shares of Ivanhoe Electric by 10.0% during the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock valued at $113,000 after acquiring an additional 1,043 shares in the last quarter. Institutional investors 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.