Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 14.1% – Should You Sell?

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) were down 14.1% during mid-day trading on Friday . The stock traded as low as $17.20 and last traded at $17.1030. Approximately 1,258,783 shares were traded during trading, a decline of 35% from the average daily volume of 1,932,746 shares. The stock had previously closed at $19.92.

Analyst Ratings Changes

Several research firms recently weighed in on IE. Scotiabank reiterated an “outperform” rating on shares of Ivanhoe Electric in a research report on Tuesday, October 28th. 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, JPMorgan Chase & Co. raised their target price on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $18.13.

Ivanhoe Electric Trading Down 14.2%

The company has a debt-to-equity ratio of 0.08, a current ratio of 1.41 and a quick ratio of 1.41. The business’s 50-day simple moving average is $16.16 and its two-hundred day simple moving average is $13.16. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of -41.68 and a beta of 0.98.

Insiders Place Their Bets

In related news, insider Quentin Markin sold 90,000 shares of the stock in a transaction on 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 completion of the sale, the insider directly owned 728,493 shares in the company, valued at approximately $11,903,575.62. This represents a 11.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 12.06% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors have recently added to or reduced their stakes in IE. Truist Financial Corp increased its position in shares of Ivanhoe Electric by 36.4% during the second quarter. Truist Financial Corp now owns 15,000 shares of the company’s stock worth $136,000 after acquiring an additional 4,000 shares during the last quarter. Euro Pacific Asset Management LLC grew its stake in Ivanhoe Electric by 4.0% during the 2nd quarter. Euro Pacific Asset Management LLC now owns 481,681 shares of the company’s stock valued at $4,097,000 after purchasing an additional 18,335 shares in the last quarter. KLP Kapitalforvaltning AS increased its holdings 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 during the last quarter. AlphaQuest LLC raised its position in shares of 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, Teacher Retirement System of Texas boosted its stake in shares of Ivanhoe Electric by 13.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 13,033 shares of the company’s stock valued at $118,000 after buying an additional 1,587 shares during 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.