Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 5.8% – Should You Sell?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) traded down 5.8% during trading on Tuesday . The stock traded as low as $8.91 and last traded at $8.93. 78,531 shares were traded during mid-day trading, a decline of 88% from the average session volume of 663,490 shares. The stock had previously closed at $9.48.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. Scotiabank reduced their target price on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th.

Ivanhoe Electric Stock Down 7.3 %

The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $1.06 billion, a P/E ratio of -5.55 and a beta of 0.73.

Hedge Funds Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC boosted its holdings in Ivanhoe Electric by 14.5% during the third quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock worth $3,098,000 after buying an additional 46,345 shares during the last quarter. Barclays PLC lifted its holdings in shares of Ivanhoe Electric by 358.9% during the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock valued at $1,150,000 after purchasing an additional 106,288 shares in the last quarter. Vestcor Inc lifted its holdings in shares of Ivanhoe Electric by 11.6% during the 3rd quarter. Vestcor Inc now owns 247,981 shares of the company’s stock valued at $2,098,000 after purchasing an additional 25,700 shares in the last quarter. State Street Corp lifted its holdings in shares of Ivanhoe Electric by 94.5% during the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock valued at $27,132,000 after purchasing an additional 1,558,467 shares in the last quarter. Finally, Raffles Associates LP lifted its holdings in shares of Ivanhoe Electric by 70.0% during the 3rd quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock valued at $9,400,000 after purchasing an additional 457,479 shares in the last quarter. Institutional investors own 79.05% of the company’s stock.

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.