Traders Purchase Large Volume of Ivanhoe Electric Put Options (NYSEAMERICAN:IE)

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw some unusual options trading activity on Wednesday. Stock investors bought 21,669 put options on the stock. This is an increase of approximately 750% compared to the typical volume of 2,550 put options.

Insiders Place Their Bets

In other Ivanhoe Electric news, CEO Joseph Taylor Melvin sold 6,808 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $13.20, for a total value of $89,865.60. Following the completion of the transaction, the chief executive officer owned 626,110 shares in the company, valued at $8,264,652. The trade was a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Glen Nickolas Kuntz sold 14,863 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $13.20, for a total value of $196,191.60. Following the sale, the senior vice president directly owned 32,768 shares in the company, valued at $432,537.60. This represents a 31.20% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 183,912 shares of company stock valued at $2,831,321. Corporate insiders own 12.06% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently modified their holdings of IE. Formula Growth Ltd. boosted its holdings in Ivanhoe Electric by 187.8% in the second quarter. Formula Growth Ltd. now owns 247,934 shares of the company’s stock valued at $2,249,000 after purchasing an additional 161,774 shares in the last quarter. Kopernik Global Investors LLC increased its stake in Ivanhoe Electric by 2.2% in the second quarter. Kopernik Global Investors LLC now owns 3,412,561 shares of the company’s stock valued at $30,952,000 after purchasing an additional 72,376 shares during the last quarter. Vanguard Group Inc. raised its holdings in Ivanhoe Electric by 1.5% during the third quarter. Vanguard Group Inc. now owns 5,289,271 shares of the company’s stock worth $66,380,000 after purchasing an additional 80,693 shares in the last quarter. Bosun Asset Management LLC acquired a new stake in Ivanhoe Electric during the second quarter worth approximately $1,039,000. Finally, Alps Advisors Inc. lifted its position in shares of Ivanhoe Electric by 40.3% during the 3rd quarter. Alps Advisors Inc. now owns 158,410 shares of the company’s stock worth $1,988,000 after buying an additional 45,502 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Stock Down 0.2%

NYSEAMERICAN IE opened at $12.19 on Friday. Ivanhoe Electric has a 52 week low of $4.50 and a 52 week high of $21.55. The stock has a market capitalization of $1.92 billion, a PE ratio of -15.43 and a beta of 1.20. The firm has a 50 day moving average of $15.06 and a two-hundred day moving average of $14.58.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. increased their price target on Ivanhoe Electric from $18.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to MarketBeat, Ivanhoe Electric presently has a consensus rating of “Buy” and a consensus target price of $18.13.

About Ivanhoe Electric

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.