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

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the recipient of a large increase in short interest in August. As of August 31st, there was short interest totalling 7,370,000 shares, an increase of 8.1% from the August 15th total of 6,820,000 shares. Approximately 10.1% of the company’s stock are short sold. Based on an average trading volume of 859,600 shares, the days-to-cover ratio is currently 8.6 days.

Wall Street Analysts Forecast Growth

Separately, Scotiabank reduced 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 research note on Monday, August 19th.

Institutional Trading of Ivanhoe Electric

Large investors have recently bought and sold shares of the stock. MQS Management LLC purchased a new stake in shares of Ivanhoe Electric in the 1st quarter valued at $100,000. Principal Financial Group Inc. purchased a new stake in shares of Ivanhoe Electric in the 2nd quarter valued at $106,000. ProShare Advisors LLC boosted its holdings in shares of Ivanhoe Electric by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock valued at $113,000 after acquiring an additional 1,043 shares during the last quarter. Capstone Investment Advisors LLC purchased a new stake in Ivanhoe Electric during the fourth quarter worth $151,000. Finally, Sei Investments Co. boosted its holdings in Ivanhoe Electric by 11.5% during the first quarter. Sei Investments Co. now owns 44,849 shares of the company’s stock worth $440,000 after buying an additional 4,610 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Up 1.0 %

NYSEAMERICAN:IE traded up $0.07 during trading hours on Wednesday, hitting $7.43. 226,534 shares of the company were exchanged, compared to its average volume of 657,917. The company has a market cap of $894.57 million, a PE ratio of -6.88 and a beta of 0.81. Ivanhoe Electric has a 52-week low of $6.31 and a 52-week high of $13.95. The company has a current ratio of 3.66, a quick ratio of 3.52 and a debt-to-equity ratio of 0.22.

Ivanhoe Electric (NYSEAMERICAN:IE) last released its earnings results on Wednesday, August 7th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.34) by ($0.05). The company had revenue of $0.54 million for the quarter, compared to analysts’ expectations of $1.00 million. Ivanhoe Electric had a negative return on equity of 32.81% and a negative net margin of 4,142.17%. Analysts anticipate that Ivanhoe Electric will post -1.32 EPS for the current year.

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.