Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 1-Year High – Still a Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s share price reached a new 52-week high on Monday . The stock traded as high as $18.04 and last traded at $17.6930, with a volume of 355310 shares. The stock had previously closed at $16.75.

Wall Street Analysts Forecast Growth

IE has been the topic of several recent analyst reports. Raymond James Financial lifted their target price on Ivanhoe Electric from $15.00 to $16.00 and gave the stock an “outperform” rating in a report on Friday, October 10th. Scotiabank reaffirmed an “outperform” rating on shares of Ivanhoe Electric in a research note on Tuesday, October 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $18.13.

Ivanhoe Electric Stock Up 5.6%

The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $2.65 billion, a PE ratio of -44.89 and a beta of 0.98. The firm has a 50-day moving average of $14.62 and a two-hundred day moving average of $12.37.

Insiders Place Their Bets

In related news, insider Quentin Markin sold 90,000 shares of Ivanhoe Electric stock in a transaction on Monday, December 29th. The stock was sold at an average price of $16.34, for a total value of $1,470,600.00. Following the completion of the transaction, the insider directly owned 728,493 shares in the company, valued at approximately $11,903,575.62. This trade represents a 11.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ivanhoe Electric

Several institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC grew its position in Ivanhoe Electric by 146.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,256 shares of the company’s stock valued at $57,000 after buying an additional 3,713 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Ivanhoe Electric by 43.6% in the 2nd quarter. BNP Paribas Financial Markets now owns 8,063 shares of the company’s stock worth $73,000 after acquiring an additional 2,449 shares during the period. IFP Advisors Inc lifted its stake in shares of Ivanhoe Electric by 138.1% in the 3rd quarter. IFP Advisors Inc now owns 6,408 shares of the company’s stock worth $83,000 after acquiring an additional 3,717 shares during the period. AlphaQuest LLC boosted its holdings in shares of Ivanhoe Electric by 881.3% in the second quarter. AlphaQuest LLC now owns 9,332 shares of the company’s stock valued at $85,000 after acquiring an additional 8,381 shares in the last quarter. Finally, Comerica Bank increased its stake in shares of Ivanhoe Electric by 352.3% during the third quarter. Comerica Bank now owns 6,997 shares of the company’s stock worth $88,000 after acquiring an additional 5,450 shares during the period. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Company Profile

Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company’s portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.

Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.