Ivanhoe Electric (NYSEAMERICAN:IE) Shares Down 4.7%

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) traded down 4.7% during mid-day trading on Thursday . The stock traded as low as $8.35 and last traded at $8.35. 16,953 shares changed hands during trading, a decline of 98% from the average session volume of 686,569 shares. The stock had previously closed at $8.76.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Scotiabank decreased their price objective on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a report on Monday, August 19th. Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th.

Ivanhoe Electric Stock Performance

The company has a current ratio of 3.66, a quick ratio of 3.52 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $1.03 billion, a PE ratio of -8.02 and a beta of 0.81.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.05). Ivanhoe Electric had a negative net margin of 4,142.17% and a negative return on equity of 32.81%. The company had revenue of $0.54 million during the quarter, compared to the consensus estimate of $1.00 million. On average, analysts anticipate that Ivanhoe Electric Inc. will post -1.39 earnings per share for the current year.

Institutional Trading of Ivanhoe Electric

A number of hedge funds have recently bought and sold shares of the stock. MQS Management LLC bought a new position in shares of Ivanhoe Electric during the 1st quarter worth about $100,000. Principal Financial Group Inc. bought a new position in shares of Ivanhoe Electric during the 2nd quarter worth about $106,000. ProShare Advisors LLC lifted its holdings in shares of Ivanhoe Electric by 10.0% during the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock worth $113,000 after acquiring an additional 1,043 shares during the period. Capstone Investment Advisors LLC bought a new position in shares of Ivanhoe Electric during the 4th quarter worth about $151,000. Finally, Sei Investments Co. lifted its holdings in shares of Ivanhoe Electric by 11.5% during the 1st quarter. Sei Investments Co. now owns 44,849 shares of the company’s stock worth $440,000 after acquiring an additional 4,610 shares during the period. 79.05% of the stock is 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.