Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up – Time to Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares gapped up prior to trading on Wednesday . The stock had previously closed at $13.18, but opened at $14.09. Ivanhoe Electric shares last traded at $13.9810, with a volume of 530,434 shares changing hands.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IE. Cantor Fitzgerald started coverage on shares of Ivanhoe Electric in a research report on Thursday, August 21st. They set an “overweight” rating and a $17.00 price objective for the company. JPMorgan Chase & Co. upped their price target on shares of Ivanhoe Electric from $14.00 to $18.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. National Bankshares initiated coverage on shares of Ivanhoe Electric in a research note on Wednesday, September 3rd. They set an “outperform” rating on the stock. National Bank Financial upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Wednesday, September 3rd. Finally, Raymond James Financial lifted 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. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $15.70.

Ivanhoe Electric Stock Performance

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.08. The company has a market cap of $2.21 billion, a PE ratio of -37.27 and a beta of 1.00. The company has a 50-day moving average of $13.73 and a 200-day moving average of $10.73.

Institutional Trading of Ivanhoe Electric

Several hedge funds have recently added to or reduced their stakes in IE. Tower Research Capital LLC TRC grew its holdings in Ivanhoe Electric by 146.0% during the second quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after purchasing an additional 3,713 shares during the period. BNP Paribas Financial Markets raised its stake in shares of Ivanhoe Electric by 43.6% in the second quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock valued at $73,000 after buying an additional 2,449 shares during the period. IFP Advisors Inc lifted its position in shares of Ivanhoe Electric by 138.1% during the 3rd quarter. IFP Advisors Inc now owns 6,408 shares of the company’s stock valued at $83,000 after buying an additional 3,717 shares during the last quarter. AlphaQuest LLC grew its stake in shares of Ivanhoe Electric by 881.3% during the 2nd quarter. AlphaQuest LLC now owns 9,332 shares of the company’s stock worth $85,000 after acquiring an additional 8,381 shares during the period. Finally, Comerica Bank increased its holdings in Ivanhoe Electric by 352.3% in the 3rd quarter. Comerica Bank now owns 6,997 shares of the company’s stock worth $88,000 after acquiring an additional 5,450 shares during the last quarter. 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.