Ivanhoe Electric (NYSEAMERICAN:IE) Posts Earnings Results, Beats Expectations By $0.27 EPS

Ivanhoe Electric (NYSEAMERICAN:IE) posted its quarterly earnings results on Friday. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.27, FiscalAI reports. Ivanhoe Electric had a negative net margin of 3,477.73% and a negative return on equity of 29.11%. The firm had revenue of $0.72 million for the quarter, compared to analysts’ expectations of $0.86 million.

Ivanhoe Electric Price Performance

Shares of NYSEAMERICAN:IE traded up $0.32 during trading on Friday, reaching $11.02. 4,157,953 shares of the company’s stock traded hands, compared to its average volume of 2,017,723. Ivanhoe Electric has a 12 month low of $7.86 and a 12 month high of $21.55. The company has a 50 day moving average of $10.11 and a 200-day moving average of $12.97. The stock has a market capitalization of $1.74 billion, a P/E ratio of -13.60 and a beta of 1.24.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in Ivanhoe Electric by 114.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after buying an additional 6,761,857 shares during the period. Alyeska Investment Group L.P. lifted its stake in Ivanhoe Electric by 259.5% in the fourth quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock valued at $120,686,000 after buying an additional 5,451,646 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Ivanhoe Electric by 308.8% during the fourth quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company’s stock valued at $47,496,000 after acquiring an additional 2,245,110 shares during the period. FIL Ltd acquired a new position in shares of Ivanhoe Electric during the fourth quarter valued at $23,970,000. Finally, Potrero Capital Research LLC bought a new position in shares of Ivanhoe Electric during the third quarter worth about $17,381,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. decreased their price objective on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $17.62.

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.