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

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) gapped up prior to trading on Monday . The stock had previously closed at $19.86, but opened at $21.15. Ivanhoe Electric shares last traded at $19.64, with a volume of 353,915 shares.

Analysts Set New Price Targets

Several brokerages have commented on IE. JPMorgan Chase & Co. raised their price target on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, January 8th. Scotiabank reiterated an “outperform” rating on shares of Ivanhoe Electric in a research report on Tuesday, October 28th. Finally, Raymond James Financial boosted their price target on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to MarketBeat, Ivanhoe Electric presently has a consensus rating of “Buy” and an average price target of $18.13.

Ivanhoe Electric Stock Down 5.0%

The stock has a market capitalization of $2.73 billion, a P/E ratio of -45.46 and a beta of 0.98. The stock’s fifty day moving average is $15.48 and its two-hundred day moving average is $12.87. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.41 and a quick ratio of 1.41.

Insider Activity

In other news, insider Quentin Markin sold 90,000 shares of the business’s stock in a transaction on Monday, December 29th. The stock was sold at an average price of $16.34, for a total transaction of $1,470,600.00. Following the sale, the insider directly owned 728,493 shares of the company’s stock, valued at $11,903,575.62. The trade was a 11.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 12.06% of the stock is owned by insiders.

Institutional Trading of Ivanhoe Electric

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ballentine Partners LLC acquired a new position in shares of Ivanhoe Electric in the second quarter worth about $93,000. Eagle Global Advisors LLC lifted its position in shares of Ivanhoe Electric by 7.6% in the 2nd quarter. Eagle Global Advisors LLC now owns 17,000 shares of the company’s stock valued at $154,000 after acquiring an additional 1,200 shares in the last quarter. Truist Financial Corp boosted its stake in Ivanhoe Electric by 36.4% in the 2nd quarter. Truist Financial Corp now owns 15,000 shares of the company’s stock worth $136,000 after purchasing an additional 4,000 shares during the period. Euro Pacific Asset Management LLC boosted its stake in Ivanhoe Electric by 4.0% in the 2nd quarter. Euro Pacific Asset Management LLC now owns 481,681 shares of the company’s stock worth $4,097,000 after purchasing an additional 18,335 shares during the period. Finally, KLP Kapitalforvaltning AS grew its position in Ivanhoe Electric by 67.9% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 23,000 shares of the company’s stock worth $209,000 after purchasing an additional 9,300 shares in the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company’s portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.