Scotiabank Trims Ivanhoe Electric (NYSEAMERICAN:IE) Target Price to $14.00

Ivanhoe Electric (NYSEAMERICAN:IE) had its price target lowered by Scotiabank from $14.50 to $14.00 in a research report report published on Monday, Benzinga reports. The firm currently has a sector outperform rating on the stock.

Ivanhoe Electric Stock Performance

NYSEAMERICAN:IE opened at $7.24 on Monday. Ivanhoe Electric has a one year low of $6.79 and a one year high of $16.54. The stock has a market capitalization of $871.04 million, a PE ratio of -6.77 and a beta of 0.85. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.89 and a quick ratio of 4.76.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). The business had revenue of $0.54 million during the quarter, compared to the consensus estimate of $1.00 million. Ivanhoe Electric had a negative return on equity of 33.64% and a negative net margin of 3,007.59%. On average, research analysts forecast that Ivanhoe Electric will post -1.18 earnings per share for the current year.

Institutional Trading of Ivanhoe Electric

Several hedge funds have recently modified their holdings of IE. MQS Management LLC purchased a new stake in shares of Ivanhoe Electric during the 1st quarter valued at $100,000. Principal Financial Group Inc. acquired a new position in Ivanhoe Electric during the 2nd quarter valued at about $106,000. ProShare Advisors LLC raised its stake in Ivanhoe Electric by 10.0% in the first quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock valued at $113,000 after buying an additional 1,043 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in Ivanhoe Electric in the fourth quarter valued at about $151,000. Finally, New York State Common Retirement Fund boosted its holdings in Ivanhoe Electric by 23.0% in the fourth quarter. New York State Common Retirement Fund now owns 30,067 shares of the company’s stock worth $303,000 after acquiring an additional 5,628 shares in the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.