Ivanhoe Electric (NYSEAMERICAN:IE) Hits New 1-Year High – Should You Buy?

by · The Markets Daily

Ivanhoe Electric Inc. (NYSEAMERICAN:IEGet Free Report)’s stock price reached a new 52-week high 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 analysts recently issued reports on IE shares. Scotiabank reaffirmed an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, October 28th. JPMorgan Chase & Co. boosted their target price on Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, January 8th. Finally, Raymond James Financial upped their price target on Ivanhoe Electric from $15.00 to $16.00 and gave the company an “outperform” rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $18.13.

View Our Latest Report on Ivanhoe Electric

Ivanhoe Electric Trading Up 3.9%

The business has a 50 day moving average of $15.34 and a 200-day moving average of $12.75. The stock has a market cap of $2.87 billion, a PE ratio of -48.44 and a beta of 0.98. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.08.

Insider Activity

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 transaction 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ivanhoe Electric

A number of hedge funds and other institutional investors have recently made changes to their positions in IE. Vanguard Group Inc. lifted its position 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 buying an additional 80,693 shares during the period. Kopernik Global Investors LLC increased its stake in shares of Ivanhoe Electric by 2.2% during the 2nd quarter. Kopernik Global Investors LLC now owns 3,412,561 shares of the company’s stock valued at $30,952,000 after acquiring an additional 72,376 shares during the last quarter. Primecap Management Co. CA lifted its holdings in shares of Ivanhoe Electric by 79.6% during the 3rd quarter. Primecap Management Co. CA now owns 2,828,284 shares of the company’s stock worth $35,495,000 after acquiring an additional 1,253,400 shares during the period. Alyeska Investment Group L.P. boosted its position in shares of Ivanhoe Electric by 13.6% in the third quarter. Alyeska Investment Group L.P. now owns 2,100,686 shares of the company’s stock worth $26,364,000 after acquiring an additional 251,361 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Ivanhoe Electric by 6.4% in the second quarter. Geode Capital Management LLC now owns 2,077,062 shares of the company’s stock worth $18,841,000 after acquiring an additional 125,111 shares during the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

About Ivanhoe Electric

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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.

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