Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 4.4% Following Analyst Downgrade

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price traded down 4.4% during trading on Monday after Jefferies Financial Group lowered their price target on the stock from $15.00 to $10.00. Jefferies Financial Group currently has a buy rating on the stock. Ivanhoe Electric traded as low as $7.62 and last traded at $7.64. 57,433 shares were traded during mid-day trading, a decline of 74% from the average session volume of 223,954 shares. The stock had previously closed at $7.99.

Separately, Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Avior Wealth Management LLC purchased a new position in Ivanhoe Electric during the 3rd quarter valued at about $32,000. nVerses Capital LLC bought a new position in shares of Ivanhoe Electric in the third quarter valued at approximately $33,000. Principal Financial Group Inc. purchased a new position in Ivanhoe Electric during the second quarter valued at approximately $106,000. Creative Planning grew its stake in Ivanhoe Electric by 33.9% during the third quarter. Creative Planning now owns 18,347 shares of the company’s stock valued at $155,000 after acquiring an additional 4,644 shares in the last quarter. Finally, Intech Investment Management LLC bought a new stake in Ivanhoe Electric during the 3rd quarter worth approximately $162,000. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Stock Down 4.9 %

The company has a market capitalization of $915.50 million, a PE ratio of -4.78 and a beta of 0.66. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

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.