Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 3.6% – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price was down 3.6% during trading on Monday . The company traded as low as $6.69 and last traded at $6.73. Approximately 1,002,509 shares traded hands during trading, an increase of 34% from the average daily volume of 745,521 shares. The stock had previously closed at $6.98.

Wall Street Analysts Forecast Growth

IE has been the topic of several research analyst reports. Scotiabank dropped their price objective on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research note on Monday, January 6th. Jefferies Financial Group lowered their target price on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, JPMorgan Chase & Co. cut their price target on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th.

Ivanhoe Electric Stock Down 3.2 %

The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average price is $6.36. The company has a market capitalization of $816.41 million, a price-to-earnings ratio of -4.25 and a beta of 0.74.

Insider Buying and Selling

In related news, CEO Joseph Taylor Melvin acquired 50,000 shares of Ivanhoe Electric stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the transaction, the chief executive officer now directly owns 730,753 shares in the company, valued at approximately $4,209,137.28. This represents a 7.34 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jordan Neeser bought 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 5th. The shares were bought at an average cost of $5.86 per share, with a total value of $117,200.00. Following the completion of the purchase, the chief financial officer now directly owns 40,000 shares of the company’s stock, valued at $234,400. This represents a 100.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 75,000 shares of company stock valued at $434,350. Company insiders own 10.50% of the company’s stock.

Institutional Trading of Ivanhoe Electric

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC grew its position in shares of Ivanhoe Electric by 358.9% in the 3rd quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after buying an additional 106,288 shares during the last quarter. State Street Corp increased its position in shares of Ivanhoe Electric by 94.5% during the third quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after purchasing an additional 1,558,467 shares in the last quarter. Intech Investment Management LLC purchased a new stake in shares of Ivanhoe Electric during the 3rd quarter valued at $162,000. Charles Schwab Investment Management Inc. boosted its position in shares of Ivanhoe Electric by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company’s stock worth $5,946,000 after purchasing an additional 8,023 shares in the last quarter. Finally, PDT Partners LLC purchased a new position in Ivanhoe Electric during the 3rd quarter worth $1,122,000. 79.05% of the stock is currently owned by 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.