Renaissance Technologies LLC Acquires Shares of 359,200 Ivanhoe Electric Inc. $IE

Renaissance Technologies LLC bought a new position in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 359,200 shares of the company’s stock, valued at approximately $4,246,000.

Other hedge funds also recently bought and sold shares of the company. Goehring & Rozencwajg Associates LLC lifted its holdings in Ivanhoe Electric by 18.3% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,115,009 shares of the company’s stock worth $24,999,000 after buying an additional 327,112 shares during the period. Kopernik Global Investors LLC lifted its stake in Ivanhoe Electric by 316.1% in the first quarter. Kopernik Global Investors LLC now owns 1,784,170 shares of the company’s stock worth $21,089,000 after acquiring an additional 1,355,418 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in Ivanhoe Electric in the fourth quarter valued at $1,572,000. O Brien Greene & Co. Inc purchased a new position in Ivanhoe Electric during the 4th quarter valued at $670,000. Finally, Vanguard Group Inc. raised its holdings in Ivanhoe Electric by 24.4% in the 4th quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock worth $105,140,000 after purchasing an additional 1,290,175 shares in the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Price Performance

NYSEAMERICAN:IE opened at $10.70 on Friday. The firm’s 50-day moving average price is $10.16 and its 200-day moving average price is $12.98. The company has a market capitalization of $1.69 billion, a PE ratio of -13.21 and a beta of 1.24. Ivanhoe Electric Inc. has a 1-year low of $7.86 and a 1-year high of $21.55.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.11). The business had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $0.90 million. Ivanhoe Electric had a negative net margin of 3,477.73% and a negative return on equity of 29.11%. Equities analysts anticipate that Ivanhoe Electric Inc. will post 0.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. cut their target price on shares of Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $17.62.

Ivanhoe Electric 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.