Scotiabank Issues Pessimistic Forecast for Ivanhoe Electric (NYSEAMERICAN:IE) Stock Price

Ivanhoe Electric (NYSEAMERICAN:IE) had its price target trimmed by Scotiabank from $14.00 to $13.50 in a research report report published on Monday,Benzinga reports. The firm currently has a sector outperform rating on the stock.

Several other brokerages have also issued reports on IE. Jefferies Financial Group cut 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 note on Monday. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th.

Ivanhoe Electric Price Performance

Shares of IE opened at $6.98 on Monday. The company has a market capitalization of $840.81 million, a price-to-earnings ratio of -4.39 and a beta of 0.66. Ivanhoe Electric has a 52-week low of $6.31 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 Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Barclays PLC raised its position in Ivanhoe Electric by 358.9% in 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 during the last quarter. State Street Corp grew its stake in shares of 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. Goehring & Rozencwajg Associates LLC raised its holdings in shares of Ivanhoe Electric by 13.9% in the second quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock valued at $15,301,000 after purchasing an additional 199,400 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Ivanhoe Electric during the third quarter valued at about $162,000. Finally, SG Americas Securities LLC purchased a new position in Ivanhoe Electric during the third quarter worth about $431,000. 79.05% of the stock is currently owned by institutional investors and hedge funds.

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.