Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price Down 5.6%

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) dropped 5.6% during trading on Tuesday . The company traded as low as $10.02 and last traded at $10.05. Approximately 278,992 shares were traded during trading, a decline of 44% from the average daily volume of 494,984 shares. The stock had previously closed at $10.65.

Wall Street Analysts Forecast Growth

Separately, Scotiabank reduced their price target on shares of Ivanhoe Electric from $15.50 to $14.50 and set a “sector outperform” rating for the company in a research report on Tuesday, April 9th.

Ivanhoe Electric Trading Up 1.3 %

The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -9.15 and a beta of 0.94. The company has a quick ratio of 5.32, a current ratio of 5.45 and a debt-to-equity ratio of 0.17.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings results on Monday, February 26th. The company reported ($0.38) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.09). Ivanhoe Electric had a negative return on equity of 46.23% and a negative net margin of 3,259.77%. The firm had revenue of $1.67 million for the quarter, compared to the consensus estimate of $2.00 million. On average, equities research analysts predict that Ivanhoe Electric Inc. will post -1.15 EPS for the current year.

Insider Activity

In related news, VP Graham Richard Thomas Boyd bought 4,000 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were purchased at an average price of $7.44 per share, for a total transaction of $29,760.00. Following the completion of the transaction, the vice president now directly owns 6,510 shares in the company, valued at approximately $48,434.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 12.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

Several hedge funds have recently bought and sold shares of the company. Primecap Management Co. CA purchased a new stake in shares of Ivanhoe Electric in the 3rd quarter valued at about $4,888,000. Jennison Associates LLC purchased a new stake in shares of Ivanhoe Electric during the 3rd quarter valued at $6,463,000. Adage Capital Partners GP L.L.C. purchased a new position in Ivanhoe Electric in the third quarter worth $8,925,000. Invesco Ltd. increased its stake in Ivanhoe Electric by 9.0% in the third quarter. Invesco Ltd. now owns 3,397,987 shares of the company’s stock valued at $40,436,000 after acquiring an additional 281,445 shares during the last quarter. Finally, Pekin Hardy Strauss Inc. raised its position in Ivanhoe Electric by 26.3% during the third quarter. Pekin Hardy Strauss Inc. now owns 62,340 shares of the company’s stock valued at $742,000 after purchasing an additional 12,975 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

About Ivanhoe Electric

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.