Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 9.6% – Here’s Why

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) traded down 9.6% on Tuesday . The company traded as low as $5.75 and last traded at $5.76. 257,943 shares traded hands during trading, a decline of 62% from the average session volume of 677,442 shares. The stock had previously closed at $6.37.

Analyst Upgrades and Downgrades

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

Ivanhoe Electric Trading Down 7.9 %

The stock has a market cap of $708.32 million, a price-to-earnings ratio of -3.69 and a beta of 0.74. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Hedge Funds Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after acquiring an additional 106,288 shares in the last quarter. State Street Corp grew its stake 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 during the period. Intech Investment Management LLC acquired a new stake in shares of Ivanhoe Electric in the 3rd quarter valued at approximately $162,000. Charles Schwab Investment Management Inc. boosted its stake in Ivanhoe Electric by 1.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company’s stock worth $5,946,000 after acquiring an additional 8,023 shares during the last quarter. Finally, PDT Partners LLC acquired a new position in Ivanhoe Electric during the third quarter valued at approximately $1,122,000. 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.