Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 8% – Here’s Why

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price traded down 8% on Thursday . The stock traded as low as $14.32 and last traded at $14.40. 394,124 shares changed hands during trading, a decline of 79% from the average session volume of 1,893,668 shares. The stock had previously closed at $15.66.

Analyst Upgrades and Downgrades

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

Ivanhoe Electric Trading Down 10.3%

The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -17.77 and a beta of 0.98. The business’s 50 day moving average price is $17.13 and its two-hundred day moving average price is $14.15.

Insider Buying and Selling at Ivanhoe Electric

In other Ivanhoe Electric news, insider Cassandra Pulskamp Joseph sold 123,074 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $16.48, for a total value of $2,028,259.52. Following the completion of the transaction, the insider owned 51,370 shares of the company’s stock, valued at $846,577.60. This represents a 70.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Quentin Markin sold 90,000 shares of Ivanhoe Electric stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $16.34, for a total value of $1,470,600.00. Following the sale, the insider directly owned 728,493 shares in the company, valued at $11,903,575.62. The trade was a 11.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 12.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ivanhoe Electric

Several institutional investors and hedge funds have recently made changes to their positions in IE. Invesco Ltd. raised its position in shares of Ivanhoe Electric by 643.9% during the fourth quarter. Invesco Ltd. now owns 359,268 shares of the company’s stock worth $5,741,000 after acquiring an additional 310,972 shares during the last quarter. Empowered Funds LLC acquired a new stake in Ivanhoe Electric during the 4th quarter valued at approximately $268,000. XTX Topco Ltd bought a new position in Ivanhoe Electric during the 4th quarter worth approximately $697,000. Voloridge Investment Management LLC lifted its position in shares of Ivanhoe Electric by 176.6% in the 4th quarter. Voloridge Investment Management LLC now owns 200,990 shares of the company’s stock worth $3,212,000 after purchasing an additional 128,323 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of Ivanhoe Electric by 308.8% in the 4th quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company’s stock valued at $47,496,000 after purchasing an additional 2,245,110 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

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.