Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 12-Month Low – Here’s What Happened

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares reached a new 52-week low on Wednesday . The stock traded as low as $6.31 and last traded at $6.35, with a volume of 596969 shares traded. The stock had previously closed at $6.58.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on IE shares. Scotiabank lowered their target price on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. Eight Capital upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. cut their price objective on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Thursday, January 16th. Finally, Jefferies Financial Group decreased 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 note on Monday, January 6th.

Ivanhoe Electric Stock Up 1.9 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. The company has a market cap of $768.53 million, a P/E ratio of -4.01 and a beta of 0.78.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its earnings results on Friday, November 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.02). The company had revenue of $0.67 million during the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative net margin of 5,947.19% and a negative return on equity of 59.78%. As a group, sell-side analysts expect that Ivanhoe Electric Inc. will post -1.47 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Euro Pacific Asset Management LLC boosted its holdings in shares of Ivanhoe Electric by 15.5% in the 4th quarter. Euro Pacific Asset Management LLC now owns 191,180 shares of the company’s stock valued at $1,456,000 after buying an additional 25,708 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Ivanhoe Electric by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock valued at $566,000 after acquiring an additional 1,643 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Ivanhoe Electric by 14.5% during the third quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock worth $3,098,000 after purchasing an additional 46,345 shares during the last quarter. Barclays PLC grew its holdings in shares of Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after purchasing an additional 106,288 shares during the last quarter. Finally, Vestcor Inc increased its position in shares of Ivanhoe Electric by 11.6% during the third quarter. Vestcor Inc now owns 247,981 shares of the company’s stock worth $2,098,000 after purchasing an additional 25,700 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

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.