Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 5.8% – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) traded down 5.8% during mid-day trading on Tuesday . The stock traded as low as $8.91 and last traded at $8.93. 78,531 shares were traded during mid-day trading, a decline of 88% from the average session volume of 663,490 shares. The stock had previously closed at $9.48.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IE. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. Scotiabank cut their price objective on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th.

Ivanhoe Electric Trading Up 5.6 %

The stock has a market cap of $1.11 billion, a P/E ratio of -5.80 and a beta of 0.73. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Institutional Investors Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tidal Investments LLC lifted its position in Ivanhoe Electric by 14.5% during the third quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock valued at $3,098,000 after purchasing an additional 46,345 shares in the last quarter. Barclays PLC lifted its position in shares of Ivanhoe Electric by 358.9% during the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock valued at $1,150,000 after buying an additional 106,288 shares in the last quarter. Vestcor Inc grew its stake in shares of Ivanhoe Electric by 11.6% during the 3rd quarter. Vestcor Inc now owns 247,981 shares of the company’s stock valued at $2,098,000 after acquiring an additional 25,700 shares during the period. State Street Corp increased its holdings in Ivanhoe Electric by 94.5% in the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after acquiring an additional 1,558,467 shares in the last quarter. Finally, Raffles Associates LP raised its stake in Ivanhoe Electric by 70.0% during the 3rd quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock worth $9,400,000 after acquiring an additional 457,479 shares during the period. 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.