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 in July. As of July 15th, there was short interest totalling 6,980,000 shares, a growth of 15.2% from the June 30th total of 6,060,000 shares. Based on an average daily volume of 737,400 shares, the days-to-cover ratio is currently 9.5 days. Approximately 9.7% of the company’s stock are sold short.

Insider Activity

In related news, insider Mark Andrew Stuart Gibson sold 25,000 shares of Ivanhoe Electric stock in a transaction on Monday, May 20th. The shares were sold at an average price of $12.16, for a total transaction of $304,000.00. Following the sale, the insider now directly owns 260,272 shares in the company, valued at approximately $3,164,907.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 10.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IE. Mak Capital One LLC boosted its holdings in shares of Ivanhoe Electric by 30.2% in the fourth quarter. Mak Capital One LLC now owns 1,289,103 shares of the company’s stock valued at $12,994,000 after acquiring an additional 299,018 shares in the last quarter. Goehring & Rozencwajg Associates LLC boosted its holdings in shares of Ivanhoe Electric by 4.1% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 1,361,329 shares of the company’s stock valued at $13,722,000 after acquiring an additional 53,045 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Ivanhoe Electric by 112.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,401 shares of the company’s stock valued at $95,000 after acquiring an additional 4,967 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Ivanhoe Electric by 25.9% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 585,024 shares of the company’s stock valued at $5,897,000 after acquiring an additional 120,243 shares in the last quarter. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Ivanhoe Electric in the fourth quarter valued at about $151,000. 79.05% of the stock is owned by hedge funds and other institutional investors.

Ivanhoe Electric Stock Up 3.7 %

Shares of Ivanhoe Electric stock opened at $10.17 on Monday. Ivanhoe Electric has a 1 year low of $7.29 and a 1 year high of $16.75. The company has a current ratio of 4.89, a quick ratio of 4.76 and a debt-to-equity ratio of 0.19.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.80. Ivanhoe Electric had a negative net margin of 3,007.59% and a negative return on equity of 33.64%. The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $1.00 million. Analysts expect that Ivanhoe Electric will post -1.18 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Scotiabank cut their price target on shares of Ivanhoe Electric from $15.50 to $14.50 and set a “sector outperform” rating on the stock in a research note on Tuesday, April 9th.

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.