Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 9.7% – Here’s What Happened

Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) were up 9.7% on Monday . The company traded as high as $9.73 and last traded at $9.73. Approximately 84,858 shares changed hands during trading, a decline of 87% from the average daily volume of 657,419 shares. The stock had previously closed at $8.87.

Wall Street Analyst Weigh In

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

Ivanhoe Electric Stock Up 6.1 %

The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50. The firm has a market cap of $1.13 billion, a P/E ratio of -6.12 and a beta of 0.66.

Institutional Trading of Ivanhoe Electric

Institutional investors have recently made changes to their positions in the company. Goehring & Rozencwajg Associates LLC boosted its stake in Ivanhoe Electric by 13.9% during the second quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after buying an additional 199,400 shares during the period. Intech Investment Management LLC acquired a new position in shares of Ivanhoe Electric in the third quarter valued at approximately $162,000. SG Americas Securities LLC purchased a new stake in shares of Ivanhoe Electric during the third quarter worth $431,000. Bank of New York Mellon Corp raised its stake in shares of Ivanhoe Electric by 51.2% in the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock valued at $2,746,000 after acquiring an additional 99,106 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Ivanhoe Electric by 6.7% in the first quarter. Vanguard Group Inc. now owns 682,580 shares of the company’s stock valued at $6,689,000 after purchasing an additional 42,843 shares during the period. Hedge funds and other institutional investors own 79.05% of the company’s stock.

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.