Scotiabank Forecasts Strong Price Appreciation for Ivanhoe Electric (NYSEAMERICAN:IE) Stock

Ivanhoe Electric (NYSEAMERICAN:IE) had its price target boosted by investment analysts at Scotiabank from $12.50 to $13.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective points to a potential upside of 55.78% from the stock’s current price.

A number of other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. dropped their target price on Ivanhoe Electric from $16.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Raymond James Financial set a $15.00 price objective on Ivanhoe Electric and gave the company an “outperform” rating in a research note on Friday, April 4th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $12.75.

Ivanhoe Electric Price Performance

Shares of NYSEAMERICAN:IE traded up $0.11 during trading hours on Tuesday, hitting $8.35. 217,425 shares of the company’s stock traded hands, compared to its average volume of 730,913. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.07 and a current ratio of 3.07. Ivanhoe Electric has a 52 week low of $4.50 and a 52 week high of $12.13. The company has a market cap of $1.11 billion, a price-to-earnings ratio of -9.81 and a beta of 0.78. The company’s fifty day simple moving average is $7.06 and its two-hundred day simple moving average is $7.42.

Institutional Trading of Ivanhoe Electric

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in shares of Ivanhoe Electric by 41.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,831,620 shares of the company’s stock valued at $39,692,000 after acquiring an additional 1,988,562 shares in the last quarter. EdgePoint Investment Group Inc. acquired a new stake in Ivanhoe Electric during the 1st quarter valued at approximately $4,284,000. Vanguard Group Inc. lifted its holdings in shares of Ivanhoe Electric by 10.7% in the 1st quarter. Vanguard Group Inc. now owns 5,137,785 shares of the company’s stock valued at $29,851,000 after buying an additional 496,058 shares during the period. Legal & General Group Plc increased its holdings in shares of Ivanhoe Electric by 59.8% during the 4th quarter. Legal & General Group Plc now owns 1,323,372 shares of the company’s stock valued at $9,991,000 after purchasing an additional 495,325 shares in the last quarter. Finally, Vestcor Inc grew its position in shares of Ivanhoe Electric by 191.5% during the 1st quarter. Vestcor Inc now owns 722,781 shares of the company’s stock valued at $4,199,000 after acquiring an additional 474,800 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.