Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Up – Still a Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) shares gapped up prior to trading on Monday . The stock had previously closed at $11.67, but opened at $12.19. Ivanhoe Electric shares last traded at $12.03, with a volume of 294,085 shares.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on IE shares. Scotiabank restated an “outperform” rating on shares of Ivanhoe Electric in a research report on Tuesday, October 28th. Cantor Fitzgerald began coverage on Ivanhoe Electric in a research note on Thursday, August 21st. They issued an “overweight” rating and a $17.00 target price for the company. National Bankshares initiated coverage on shares of Ivanhoe Electric in a research report on Wednesday, September 3rd. They set an “outperform” rating on the stock. National Bank Financial upgraded shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Wednesday, September 3rd. Finally, Raymond James Financial lifted their target price on shares of Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $15.70.

Ivanhoe Electric Price Performance

The firm has a market capitalization of $1.76 billion, a PE ratio of -29.71 and a beta of 0.99. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average price of $13.06 and a two-hundred day moving average price of $10.37.

Institutional Trading of Ivanhoe Electric

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vestcor Inc raised its holdings in shares of Ivanhoe Electric by 191.5% in the first quarter. Vestcor Inc now owns 722,781 shares of the company’s stock valued at $4,199,000 after buying an additional 474,800 shares during the last quarter. Vanguard Group Inc. increased its position in 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 acquiring an additional 496,058 shares during the period. Invst LLC purchased a new stake in Ivanhoe Electric during the 1st quarter valued at approximately $1,302,000. Primecap Management Co. CA lifted its position in Ivanhoe Electric by 21.8% during the 1st quarter. Primecap Management Co. CA now owns 477,400 shares of the company’s stock worth $2,774,000 after acquiring an additional 85,600 shares during the period. Finally, Algert Global LLC purchased a new position in shares of Ivanhoe Electric in the 1st quarter valued at approximately $307,000. 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.