Ivanhoe Electric (NYSEAMERICAN:IE) Price Target Cut to $13.00 by Analysts at JPMorgan Chase & Co.

Ivanhoe Electric (NYSEAMERICAN:IE) had its price objective cut by JPMorgan Chase & Co. from $16.00 to $13.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the stock.

Several other research analysts have also commented on the company. Raymond James set a $15.00 price target on Ivanhoe Electric and gave the stock an “outperform” rating in a research report on Friday, April 4th. Scotiabank cut their target price on Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating on the stock in a research report on Monday, January 6th. Finally, Jefferies Financial Group lowered their price target on Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One investment analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $12.88.

Ivanhoe Electric Price Performance

Shares of Ivanhoe Electric stock opened at $5.00 on Thursday. The firm has a market cap of $603.85 million, a PE ratio of -3.14 and a beta of 0.74. The stock has a 50 day moving average of $5.98 and a 200 day moving average of $7.78. 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 has a 12 month low of $4.50 and a 12 month high of $12.98.

Insider Buying and Selling

In other news, CFO Jordan Neeser bought 20,000 shares of the stock in a transaction on Wednesday, March 5th. The stock was bought at an average cost of $5.86 per share, for a total transaction of $117,200.00. Following the completion of the purchase, the chief financial officer now directly owns 40,000 shares in the company, valued at approximately $234,400. The trade was a 100.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joseph Taylor Melvin purchased 50,000 shares of the business’s stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $5.76 per share, for a total transaction of $288,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 730,753 shares of the company’s stock, valued at approximately $4,209,137.28. The trade was a 7.34 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 75,000 shares of company stock valued at $434,350 over the last 90 days. Corporate insiders own 10.50% of the company’s stock.

Hedge Funds Weigh In On Ivanhoe Electric

Several hedge funds have recently modified their holdings of the stock. Rhumbline Advisers lifted its position in Ivanhoe Electric by 5.4% during the 1st quarter. Rhumbline Advisers now owns 112,663 shares of the company’s stock worth $655,000 after acquiring an additional 5,740 shares during the period. GAMMA Investing LLC lifted its stake in Ivanhoe Electric by 456.9% during the 1st quarter. GAMMA Investing LLC now owns 11,115 shares of the company’s stock valued at $65,000 after acquiring an additional 9,119 shares during the period. California State Teachers Retirement System increased its stake in shares of Ivanhoe Electric by 6.5% in the fourth quarter. California State Teachers Retirement System now owns 73,530 shares of the company’s stock worth $555,000 after acquiring an additional 4,462 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Ivanhoe Electric by 34.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 211,513 shares of the company’s stock worth $1,597,000 after purchasing an additional 54,771 shares during the last quarter. Finally, ProShare Advisors LLC lifted its position in Ivanhoe Electric by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 23,541 shares of the company’s stock valued at $178,000 after purchasing an additional 7,746 shares during the period. 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.