Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 7.5%

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price dropped 7.5% during mid-day trading on Monday . The company traded as low as $7.13 and last traded at $7.17. Approximately 652,491 shares traded hands during mid-day trading, a decline of 0% from the average daily volume of 653,296 shares. The stock had previously closed at $7.75.

Analyst Ratings Changes

Separately, Scotiabank cut their target price on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th.

Ivanhoe Electric Price 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 stock has a market cap of $889.76 million, a price-to-earnings ratio of -6.91 and a beta of 0.81.

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

Institutional Investors Weigh In On Ivanhoe Electric

Several hedge funds have recently added to or reduced their stakes in the business. Primecap Management Co. CA grew its position in shares of Ivanhoe Electric by 3.7% in the fourth quarter. Primecap Management Co. CA now owns 425,800 shares of the company’s stock valued at $4,292,000 after purchasing an additional 15,002 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in Ivanhoe Electric during the 4th quarter worth $151,000. Mak Capital One LLC lifted its holdings in shares of Ivanhoe Electric by 30.2% during the fourth quarter. Mak Capital One LLC now owns 1,289,103 shares of the company’s stock worth $12,994,000 after buying an additional 299,018 shares in the last quarter. Goehring & Rozencwajg Associates LLC grew its stake in shares of Ivanhoe Electric by 4.1% in the fourth quarter. Goehring & Rozencwajg Associates LLC now owns 1,361,329 shares of the company’s stock valued at $13,722,000 after acquiring an additional 53,045 shares in the last quarter. Finally, GeoSphere Capital Management LLC bought a new position in Ivanhoe Electric during the fourth quarter worth about $504,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

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.