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

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 8,170,000 shares, a growth of 5.3% from the January 15th total of 7,760,000 shares. Currently, 11.1% of the shares of the company are sold short. Based on an average trading volume of 582,300 shares, the short-interest ratio is currently 14.0 days.

Institutional Trading of Ivanhoe Electric

Several hedge funds and other institutional investors have recently modified their holdings of the company. Avior Wealth Management LLC bought a new stake in Ivanhoe Electric in the third quarter worth approximately $32,000. nVerses Capital LLC bought a new stake in Ivanhoe Electric in the third quarter worth $33,000. Generali Investments CEE investicni spolecnost a.s. acquired a new position in Ivanhoe Electric during the fourth quarter worth $80,000. BNP Paribas Financial Markets acquired a new position in shares of Ivanhoe Electric during the 4th quarter valued at about $89,000. Finally, Eagle Global Advisors LLC bought a new position in shares of Ivanhoe Electric in the fourth quarter valued at approximately $100,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on IE shares. Scotiabank cut their target price on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. JPMorgan Chase & Co. reduced their price objective on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Finally, Jefferies Financial Group lowered their target price on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 6th.

Ivanhoe Electric Trading Down 1.1 %

NYSEAMERICAN IE opened at $6.18 on Wednesday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. Ivanhoe Electric has a twelve month low of $5.76 and a twelve month high of $12.98. The company has a market cap of $744.44 million, a price-to-earnings ratio of -3.89 and a beta of 0.74.

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.