Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 8.4% – What’s Next?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price was down 8.4% on Friday . The company traded as low as $11.50 and last traded at $11.1340. Approximately 401,778 shares were traded during trading, a decline of 68% from the average daily volume of 1,255,860 shares. The stock had previously closed at $12.15.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on IE shares. National Bankshares started coverage on Ivanhoe Electric in a report on Wednesday, September 3rd. They issued an “outperform” rating on the stock. National Bank Financial upgraded Ivanhoe Electric to a “strong-buy” rating in a research note on Wednesday, September 3rd. Cantor Fitzgerald began coverage on shares of Ivanhoe Electric in a research report on Thursday, August 21st. They set an “overweight” rating and a $17.00 price target for the company. Scotiabank restated an “outperform” rating on shares of Ivanhoe Electric in a research report on Tuesday, October 28th. Finally, Raymond James Financial lifted their price target on Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $15.70.

Ivanhoe Electric Stock Performance

The stock has a market cap of $1.66 billion, a price-to-earnings ratio of -27.97 and a beta of 0.99. The company’s 50 day simple moving average is $13.00 and its 200 day simple moving average is $10.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.41 and a current ratio of 1.41.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vestcor Inc raised its stake in shares of Ivanhoe Electric by 191.5% in the 1st quarter. Vestcor Inc now owns 722,781 shares of the company’s stock worth $4,199,000 after buying an additional 474,800 shares in the last quarter. Vanguard Group Inc. grew its holdings in Ivanhoe Electric by 10.7% during the first quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company’s stock worth $29,851,000 after acquiring an additional 496,058 shares during the period. Invst LLC bought a new stake in Ivanhoe Electric in the first quarter worth about $1,302,000. Primecap Management Co. CA lifted its holdings in Ivanhoe Electric by 21.8% in the 1st quarter. Primecap Management Co. CA now owns 477,400 shares of the company’s stock valued at $2,774,000 after acquiring an additional 85,600 shares during the last quarter. Finally, Algert Global LLC bought a new position in shares of Ivanhoe Electric during the 1st quarter valued at about $307,000. 79.05% of the stock is owned by institutional investors.

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.