Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 12-Month Low – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price hit a new 52-week low on Monday . The company traded as low as $5.37 and last traded at $5.45, with a volume of 413613 shares changing hands. The stock had previously closed at $5.78.

Analysts Set New Price Targets

A number of brokerages have commented on IE. Scotiabank decreased their price objective on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research report on Monday, January 6th. JPMorgan Chase & Co. lowered their price objective on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research report on Thursday, January 16th. Finally, Jefferies Financial Group cut 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 report on Monday, January 6th.

Ivanhoe Electric Stock Performance

The stock has a 50-day moving average of $6.56. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $701.67 million, a PE ratio of -3.65 and a beta of 0.74.

Insiders Place Their Bets

In other Ivanhoe Electric news, VP Graham Richard Thomas Boyd purchased 5,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $5.83 per share, for a total transaction of $29,150.00. Following the purchase, the vice president now owns 11,510 shares in the company, valued at approximately $67,103.30. The trade was a 76.80 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Joseph Taylor Melvin acquired 50,000 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the transaction, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at approximately $4,209,137.28. This trade represents a 7.34 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 75,000 shares of company stock valued at $434,350 in the last 90 days. 10.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew 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 worth $27,132,000 after purchasing an additional 1,558,467 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Ivanhoe Electric by 13.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,843,058 shares of the company’s stock worth $36,566,000 after buying an additional 589,456 shares in the last quarter. Legal & General Group Plc raised its position in shares of Ivanhoe Electric by 59.8% in the 4th quarter. Legal & General Group Plc now owns 1,323,372 shares of the company’s stock valued at $9,991,000 after buying an additional 495,325 shares in the last quarter. 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 worth $9,400,000 after acquiring an additional 457,479 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Ivanhoe Electric by 78.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 917,272 shares of the company’s stock worth $6,995,000 after purchasing an additional 402,879 shares during the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

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.