Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares gapped up prior to trading on Wednesday . The stock had previously closed at $13.18, but opened at $14.09. Ivanhoe Electric shares last traded at $13.9810, with a volume of 530,434 shares trading hands.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. National Bankshares assumed coverage on shares of Ivanhoe Electric in a report on Wednesday, September 3rd. They set an “outperform” rating on the stock. JPMorgan Chase & Co. increased their target price on shares of Ivanhoe Electric from $14.00 to $18.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. National Bank Financial raised shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Wednesday, September 3rd. Raymond James Financial upped their price objective on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Finally, Scotiabank reiterated an “outperform” rating on shares of Ivanhoe Electric in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.70.

Ivanhoe Electric Stock Up 11.0%

The company has a market capitalization of $2.12 billion, a PE ratio of -35.69 and a beta of 1.00. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.08. The firm has a 50 day simple moving average of $13.57 and a two-hundred day simple moving average of $10.67.

Institutional Investors Weigh In On Ivanhoe Electric

Institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its holdings in Ivanhoe Electric by 146.0% during the second quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock worth $57,000 after buying an additional 3,713 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Ivanhoe Electric by 43.6% during the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after acquiring an additional 2,449 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of Ivanhoe Electric by 138.1% in the 3rd quarter. IFP Advisors Inc now owns 6,408 shares of the company’s stock worth $83,000 after acquiring an additional 3,717 shares during the period. AlphaQuest LLC increased its stake in Ivanhoe Electric by 881.3% in the 2nd quarter. AlphaQuest LLC now owns 9,332 shares of the company’s stock valued at $85,000 after purchasing an additional 8,381 shares in the last quarter. Finally, Comerica Bank increased its stake in Ivanhoe Electric by 352.3% in the 3rd quarter. Comerica Bank now owns 6,997 shares of the company’s stock valued at $88,000 after purchasing an additional 5,450 shares in the last quarter. 79.05% of the stock is currently owned by hedge funds and other 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.