Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down Following Insider Selling

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) gapped down prior to trading on Wednesday after an insider sold shares in the company. The stock had previously closed at $12.00, but opened at $11.68. Ivanhoe Electric shares last traded at $11.36, with a volume of 49,026 shares traded.

Specifically, VP Graham Richard Thomas Boyd bought 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average cost of $7.44 per share, with a total value of $29,760.00. Following the transaction, the vice president now directly owns 6,510 shares in the company, valued at $48,434.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Graham Richard Thomas Boyd bought 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were purchased at an average cost of $7.44 per share, with a total value of $29,760.00. Following the transaction, the vice president now directly owns 6,510 shares in the company, valued at $48,434.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Mark Andrew Stuart Gibson sold 28,344 shares of the stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $12.45, for a total value of $352,882.80. Following the sale, the chief operating officer now directly owns 301,928 shares in the company, valued at $3,759,003.60. The disclosure for this sale can be found here. Company insiders own 10.50% of the company’s stock.

Analysts Set New Price Targets

Separately, Scotiabank decreased 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 Price Performance

The company has a market capitalization of $1.35 billion, a P/E ratio of -10.51 and a beta of 0.87. The company has a current ratio of 4.89, a quick ratio of 4.76 and a debt-to-equity ratio of 0.19.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its quarterly earnings data on Wednesday, May 8th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.80. The business had revenue of $0.36 million during the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative net margin of 3,007.59% and a negative return on equity of 33.64%. Sell-side analysts forecast that Ivanhoe Electric Inc. will post -1.15 EPS for the current year.

Institutional Investors Weigh In On Ivanhoe Electric

Several institutional investors have recently modified their holdings of IE. FMR LLC lifted its position in Ivanhoe Electric by 27.4% in the third quarter. FMR LLC now owns 10,144,638 shares of the company’s stock valued at $120,721,000 after acquiring an additional 2,181,192 shares during the last quarter. Invesco Ltd. lifted its position 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. Pentwater Capital Management LP lifted its position in Ivanhoe Electric by 500.6% in the third quarter. Pentwater Capital Management LP now owns 1,751,666 shares of the company’s stock valued at $20,845,000 after acquiring an additional 1,460,000 shares during the last quarter. Goehring & Rozencwajg Associates LLC lifted its position in Ivanhoe Electric by 4.1% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 1,361,329 shares of the company’s stock valued at $13,722,000 after acquiring an additional 53,045 shares during the last quarter. Finally, Mak Capital One LLC lifted its position in Ivanhoe Electric by 30.2% in the fourth quarter. Mak Capital One LLC now owns 1,289,103 shares of the company’s stock valued at $12,994,000 after acquiring an additional 299,018 shares during the last quarter. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.