Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Short Interest Up 5.3% in January

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the recipient of a large increase in short interest in January. As of January 31st, there was short interest totalling 8,170,000 shares, an increase of 5.3% from the January 15th total of 7,760,000 shares. Currently, 11.1% of the shares of the stock are short sold. Based on an average daily trading volume, of 582,300 shares, the days-to-cover ratio is currently 14.0 days.

Ivanhoe Electric Price Performance

Shares of IE stock traded up $0.27 on Monday, hitting $6.25. The stock had a trading volume of 799,680 shares, compared to its average volume of 593,489. The company has a market capitalization of $752.88 million, a PE ratio of -3.93 and a beta of 0.74. Ivanhoe Electric has a 52-week low of $5.76 and a 52-week high of $12.98. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

Institutional Investors Weigh In On Ivanhoe Electric

A number of hedge funds have recently bought and sold shares of IE. The Manufacturers Life Insurance Company lifted its position in shares of Ivanhoe Electric by 0.9% during the third quarter. The Manufacturers Life Insurance Company now owns 128,365 shares of the company’s stock worth $1,086,000 after purchasing an additional 1,165 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Ivanhoe Electric by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock valued at $566,000 after buying an additional 1,643 shares in the last quarter. MetLife Investment Management LLC lifted its holdings in Ivanhoe Electric by 6.0% during the 4th quarter. MetLife Investment Management LLC now owns 51,922 shares of the company’s stock worth $392,000 after buying an additional 2,948 shares during the last quarter. Avior Wealth Management LLC acquired a new position in shares of Ivanhoe Electric in the 3rd quarter worth approximately $32,000. Finally, nVerses Capital LLC bought a new stake in shares of Ivanhoe Electric in the 3rd quarter valued at approximately $33,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IE. JPMorgan Chase & Co. decreased their target price on shares of Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a research report on Thursday, January 16th. Jefferies Financial Group decreased their price objective on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, January 6th. Finally, Scotiabank dropped their target price on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a research note on Monday, January 6th.

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.