Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Significant Increase in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the recipient of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 4,000,000 shares, a growth of 19.0% from the March 15th total of 3,360,000 shares. Based on an average trading volume of 496,600 shares, the short-interest ratio is presently 8.1 days. Currently, 5.7% of the shares of the company are short sold.

Insiders Place Their Bets

In related news, VP Graham Richard Thomas Boyd acquired 4,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was purchased at an average cost 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 of the company’s stock, valued at approximately $48,434.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 12.50% of the company’s stock.

Institutional Trading of Ivanhoe Electric

A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Ivanhoe Electric by 111.7% during the 2nd quarter. BlackRock Inc. now owns 9,046,218 shares of the company’s stock worth $117,963,000 after purchasing an additional 4,772,283 shares in the last quarter. FMR LLC boosted its position in shares of Ivanhoe Electric by 27.4% during the 3rd quarter. FMR LLC now owns 10,144,638 shares of the company’s stock worth $120,721,000 after purchasing an additional 2,181,192 shares in the last quarter. Pentwater Capital Management LP boosted its position in shares of Ivanhoe Electric by 500.6% during the 3rd quarter. Pentwater Capital Management LP now owns 1,751,666 shares of the company’s stock worth $20,845,000 after purchasing an additional 1,460,000 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Ivanhoe Electric during the 3rd quarter worth about $8,925,000. Finally, Jennison Associates LLC bought a new position in shares of Ivanhoe Electric during the 3rd quarter worth about $6,463,000. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Performance

NYSEAMERICAN IE opened at $10.62 on Tuesday. The firm has a market capitalization of $1.28 billion, a P/E ratio of -9.32 and a beta of 0.94. Ivanhoe Electric has a twelve month low of $7.29 and a twelve month high of $16.75. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.45 and a quick ratio of 5.32.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings data on Monday, February 26th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.09). The company had revenue of $1.67 million during the quarter, compared to analyst estimates of $2.00 million. Ivanhoe Electric had a negative net margin of 3,259.77% and a negative return on equity of 46.23%. Research analysts predict that Ivanhoe Electric will post -1.12 EPS for the current year.

Analyst Ratings Changes

Separately, Scotiabank lowered their price objective 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.

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.