Ivanhoe Electric (NYSEAMERICAN:IE) Shares Up 8.8%

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price shot up 8.8% on Friday . The company traded as high as $10.43 and last traded at $10.39. 335,685 shares were traded during mid-day trading, a decline of 33% from the average session volume of 498,397 shares. The stock had previously closed at $9.55.

Wall Street Analyst Weigh In

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

Ivanhoe Electric Stock Up 11.8 %

The company has a debt-to-equity ratio of 0.17, a quick ratio of 5.32 and a current ratio of 5.45. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of -9.37 and a beta of 0.94.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings data 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 business had revenue of $1.67 million during the quarter, compared to the consensus estimate of $2.00 million. On average, research analysts expect that Ivanhoe Electric Inc. will post -1.15 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, VP Graham Richard Thomas Boyd bought 4,000 shares of Ivanhoe Electric stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average cost of $7.44 per share, with a total value of $29,760.00. Following the acquisition, the vice president now owns 6,510 shares of the company’s stock, valued at approximately $48,434.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 12.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ivanhoe Electric

A number of institutional investors have recently added to or reduced their stakes in the stock. Spartan Fund Management Inc. bought a new position in shares of Ivanhoe Electric during the 3rd quarter valued at approximately $61,000. Avior Wealth Management LLC boosted its position in shares of Ivanhoe Electric by 39.4% during the 3rd quarter. Avior Wealth Management LLC now owns 5,726 shares of the company’s stock valued at $68,000 after acquiring an additional 1,617 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Ivanhoe Electric by 118.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 6,096 shares of the company’s stock valued at $73,000 after acquiring an additional 3,307 shares during the last quarter. Centerpoint Advisors LLC bought a new position in shares of Ivanhoe Electric during the 4th quarter valued at approximately $89,000. Finally, Tower Research Capital LLC TRC boosted its position in shares of Ivanhoe Electric by 112.0% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,401 shares of the company’s stock valued at $95,000 after acquiring an additional 4,967 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

Ivanhoe Electric Company Profile

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.