Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 5.8% – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares were down 5.8% during mid-day trading on Tuesday . The stock traded as low as $8.91 and last traded at $8.93. Approximately 78,531 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 663,490 shares. The stock had previously closed at $9.48.

Analyst Ratings Changes

Several analysts recently issued reports on IE shares. Scotiabank reduced their price target on 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. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th.

Ivanhoe Electric Trading Down 7.3 %

The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -5.55 and a beta of 0.73. The company has a quick ratio of 2.50, a current ratio of 2.50 and a debt-to-equity ratio of 0.26.

Institutional Trading of Ivanhoe Electric

A number of institutional investors have recently modified their holdings of IE. Avior Wealth Management LLC bought a new stake in shares of Ivanhoe Electric during the 3rd quarter worth $32,000. nVerses Capital LLC bought a new stake in shares of Ivanhoe Electric during the 3rd quarter worth $33,000. Principal Financial Group Inc. bought a new stake in shares of Ivanhoe Electric during the 2nd quarter worth $106,000. ProShare Advisors LLC lifted its position 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 buying an additional 1,043 shares during the last quarter. Finally, Creative Planning lifted its position in shares of Ivanhoe Electric by 33.9% during the 3rd quarter. Creative Planning now owns 18,347 shares of the company’s stock worth $155,000 after buying an additional 4,644 shares during the last quarter. 79.05% of the stock is currently 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.