Ivanhoe Electric (NYSEAMERICAN:IE) Reaches New 1-Year High – Time to Buy?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) hit a new 52-week high during trading on Wednesday . The stock traded as high as $18.70 and last traded at $18.29, with a volume of 215675 shares traded. The stock had previously closed at $17.98.

Analyst Ratings Changes

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

Ivanhoe Electric Price Performance

The business’s 50-day moving average price is $15.13 and its 200 day moving average price is $12.67. The company has a market capitalization of $2.53 billion, a P/E ratio of -42.89 and a beta of 0.98. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.08.

Insider Activity at Ivanhoe Electric

In other Ivanhoe Electric news, insider Quentin Markin sold 90,000 shares of the firm’s stock in a transaction dated Monday, December 29th. The stock was sold at an average price of $16.34, for a total value of $1,470,600.00. Following the sale, the insider owned 728,493 shares of the company’s stock, valued at $11,903,575.62. This trade represents a 11.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 12.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently bought and sold shares of IE. Potrero Capital Research LLC bought a new stake in Ivanhoe Electric in the third quarter worth $17,381,000. Primecap Management Co. CA boosted its holdings in Ivanhoe Electric by 79.6% during the 3rd quarter. Primecap Management Co. CA now owns 2,828,284 shares of the company’s stock valued at $35,495,000 after acquiring an additional 1,253,400 shares during the period. Van ECK Associates Corp bought a new position in Ivanhoe Electric during the 3rd quarter worth approximately $11,274,000. Wellington Management Group LLP purchased a new position in Ivanhoe Electric in the 3rd quarter worth approximately $9,125,000. Finally, Legal & General Group Plc lifted its position in Ivanhoe Electric by 44.5% in the second quarter. Legal & General Group Plc now owns 1,759,911 shares of the company’s stock valued at $15,962,000 after purchasing an additional 541,719 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.