Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Large Increase in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the recipient of a significant growth in short interest in October. As of October 31st, there was short interest totalling 9,640,000 shares, a growth of 7.8% from the October 15th total of 8,940,000 shares. Based on an average daily volume of 736,300 shares, the short-interest ratio is currently 13.1 days. Approximately 13.2% of the company’s stock are sold short.

Analyst Ratings Changes

IE has been the subject of a number of research analyst reports. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. Scotiabank dropped their price target on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research report on Monday, August 19th.

Ivanhoe Electric Price Performance

Shares of IE traded down $0.31 during mid-day trading on Monday, hitting $9.15. 527,719 shares of the company traded hands, compared to its average volume of 670,039. Ivanhoe Electric has a one year low of $6.31 and a one year high of $12.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 3.52. The stock has a market capitalization of $1.10 billion, a P/E ratio of -5.75 and a beta of 0.73.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently bought and sold shares of the business. ProShare Advisors LLC raised its holdings in Ivanhoe Electric by 10.0% in the first quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock worth $113,000 after purchasing an additional 1,043 shares during the period. The Manufacturers Life Insurance Company raised its holdings 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 acquiring an additional 1,165 shares during the period. Old West Investment Management LLC raised its holdings in shares of Ivanhoe Electric by 2.2% during the second quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock worth $1,495,000 after acquiring an additional 3,369 shares during the period. Avior Wealth Management LLC acquired a new stake in shares of Ivanhoe Electric during the third quarter worth $32,000. Finally, nVerses Capital LLC acquired a new stake in shares of Ivanhoe Electric during the third quarter worth $33,000. 79.05% of the stock is owned by 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.