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

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the target of a large decline in short interest during the month of December. As of December 31st, there was short interest totalling 7,450,000 shares, a decline of 7.3% from the December 15th total of 8,040,000 shares. Approximately 10.2% of the company’s stock are short sold. Based on an average daily volume of 532,500 shares, the short-interest ratio is presently 14.0 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Avior Wealth Management LLC acquired a new stake in shares of Ivanhoe Electric during the 3rd quarter worth approximately $32,000. nVerses Capital LLC acquired a new position in shares of Ivanhoe Electric in the 3rd quarter valued at $33,000. Creative Planning lifted its holdings in shares of Ivanhoe Electric by 33.9% during the 3rd quarter. Creative Planning now owns 18,347 shares of the company’s stock worth $155,000 after acquiring an additional 4,644 shares during the period. Intech Investment Management LLC acquired a new stake in shares of Ivanhoe Electric during the 3rd quarter valued at about $162,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Ivanhoe Electric during the 3rd quarter valued at about $174,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IE has been the subject of a number of analyst reports. Scotiabank reduced their price target on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research report on Monday, January 6th. JPMorgan Chase & Co. reduced their target price on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th. Finally, Jefferies Financial Group reduced their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, January 6th.

Ivanhoe Electric Price Performance

Shares of NYSEAMERICAN IE traded down $0.18 during trading hours on Monday, hitting $6.71. 363,684 shares of the company’s stock were exchanged, compared to its average volume of 426,179. The stock has a market capitalization of $808.29 million, a PE ratio of -4.22 and a beta of 0.78. 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 1-year low of $6.31 and a 1-year high of $12.98.

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.