Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 9.8% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) dropped 9.8% during trading on Friday . The stock traded as low as $12.15 and last traded at $12.1390. Approximately 535,793 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 2,030,034 shares. The stock had previously closed at $13.46.

Analysts Set New Price Targets

Separately, JPMorgan Chase & Co. decreased their price target on shares of Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. Based on data from MarketBeat.com, Ivanhoe Electric currently has a consensus rating of “Buy” and a consensus target price of $17.88.

Ivanhoe Electric Stock Performance

The company’s fifty day moving average price is $13.16 and its 200 day moving average price is $14.66. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of -14.19 and a beta of 1.15.

Institutional Trading of Ivanhoe Electric

Several hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its position in Ivanhoe Electric by 114.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock valued at $202,493,000 after purchasing an additional 6,761,857 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in Ivanhoe Electric by 259.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock valued at $120,686,000 after purchasing an additional 5,451,646 shares during the last quarter. Vanguard Group Inc. lifted its position in Ivanhoe Electric by 24.4% in the 4th quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock valued at $105,140,000 after purchasing an additional 1,290,175 shares during the last quarter. State Street Corp lifted its position in Ivanhoe Electric by 16.1% in the 4th quarter. State Street Corp now owns 6,451,563 shares of the company’s stock valued at $103,096,000 after purchasing an additional 895,102 shares during the last quarter. Finally, Primecap Management Co. CA lifted its position in Ivanhoe Electric by 8.0% in the 4th quarter. Primecap Management Co. CA now owns 3,054,884 shares of the company’s stock valued at $48,817,000 after purchasing an additional 226,600 shares during the last quarter. 79.05% of the stock is currently owned by 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.