Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up to $13.61

Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Rating) shares gapped up before the market opened on Friday . The stock had previously closed at $13.61, but opened at $13.94. Ivanhoe Electric shares last traded at $13.36, with a volume of 69,726 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. BMO Capital Markets boosted their target price on shares of Ivanhoe Electric from $15.00 to $18.00 and gave the company an “outperform” rating in a research note on Wednesday, February 15th. Raymond James upped their price objective on Ivanhoe Electric from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Wednesday, February 15th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Ivanhoe Electric presently has an average rating of “Moderate Buy” and an average target price of $14.70.

Ivanhoe Electric Price Performance

The company has a market capitalization of $1.16 billion and a price-to-earnings ratio of -9.60. The company has a debt-to-equity ratio of 0.16, a current ratio of 6.82 and a quick ratio of 8.34.

Ivanhoe Electric (NYSEAMERICAN:IE – Get Rating) last announced its quarterly earnings results on Tuesday, March 14th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.22). Ivanhoe Electric had a negative net margin of 4,217.06% and a negative return on equity of 44.13%. The firm had revenue of $0.27 million for the quarter, compared to the consensus estimate of $1.50 million. On average, research analysts forecast that Ivanhoe Electric Inc. will post -0.82 EPS for the current year.

Insider Buying and Selling at Ivanhoe Electric

In other Ivanhoe Electric news, COO Mark Andrew Stuart Gibson sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 24th. The stock was sold at an average price of $10.81, for a total transaction of $54,050.00. Following the sale, the chief operating officer now directly owns 334,761 shares in the company, valued at $3,618,766.41. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 14.10% of the company’s stock.

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds and other institutional investors have recently modified their holdings of IE. Orion Resource Partners USA LP bought a new position in Ivanhoe Electric in the fourth quarter worth approximately $90,238,000. BlackRock Inc. boosted its position in Ivanhoe Electric by 69.8% during the 1st quarter. BlackRock Inc. now owns 4,273,935 shares of the company’s stock valued at $51,928,000 after acquiring an additional 1,757,571 shares in the last quarter. Kopernik Global Investors LLC bought a new stake in Ivanhoe Electric during the 3rd quarter valued at $9,176,000. Ontario Teachers Pension Plan Board bought a new stake in Ivanhoe Electric during the 3rd quarter valued at $7,916,000. Finally, ETF Managers Group LLC bought a new stake in Ivanhoe Electric during the 1st quarter valued at $10,829,000. 27.67% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Company Profile

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Ivanhoe Electric Inc operates as a mineral exploration and development company in the United States. It operates through Critical Metals, Technology, and Energy Storage. The company holds 84.6% interests in the Tintic copper-gold project covering an area of 65 square kilometers located in Utah. It also holds an option to acquire a 100% interest in the Santa Cruz copper project covering an area of 77.59 square kilometers located in Arizona; 75% interest in the Hog Heaven silver-gold-copper project covering an area of 24.2 square kilometers located in Montana; and 60% interest in the Ivory Coast project covering an area of 1,125 square kilometers located in the Ivory Coast.