Ivanhoe Electric (NYSEAMERICAN:IE) Announces Quarterly Earnings Results

Ivanhoe Electric (NYSEAMERICAN:IE) announced its quarterly earnings data on Friday. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.11) by $0.27, FiscalAI reports. The business had revenue of $0.72 million during the quarter, compared to analysts’ expectations of $0.86 million. Ivanhoe Electric had a negative net margin of 3,477.73% and a negative return on equity of 29.11%.

Ivanhoe Electric Price Performance

IE stock traded up $0.32 during trading on Friday, hitting $11.02. 4,157,953 shares of the company traded hands, compared to its average volume of 2,137,404. Ivanhoe Electric has a 1 year low of $7.86 and a 1 year high of $21.55. The company has a market cap of $1.74 billion, a PE ratio of -13.60 and a beta of 1.24. The stock’s 50-day simple moving average is $10.16 and its 200 day simple moving average is $12.98.

Institutional Investors Weigh In On Ivanhoe Electric

Hedge funds and other institutional investors have recently made changes to their positions in the company. Amundi purchased a new position in shares of Ivanhoe Electric in the 4th quarter valued at about $214,000. Landscape Capital Management L.L.C. purchased a new position in Ivanhoe Electric during the fourth quarter worth approximately $196,000. Inspire Advisors LLC purchased a new position in Ivanhoe Electric during the fourth quarter worth approximately $166,000. Capital Wealth Planning LLC acquired a new stake in Ivanhoe Electric in the fourth quarter valued at approximately $203,000. Finally, HighTower Advisors LLC purchased a new stake in shares of Ivanhoe Electric in the fourth quarter valued at approximately $189,000. Institutional investors and hedge funds own 79.05% of the company’s stock.

Analysts Set New Price Targets

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

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.