Ivanhoe Electric (NYSEAMERICAN:IE) Shares Gap Down – Should You Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $11.06, but opened at $10.55. Ivanhoe Electric shares last traded at $10.4840, with a volume of 210,109 shares traded.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. lowered their price objective on Ivanhoe Electric from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Thursday, July 9th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Ivanhoe Electric presently has an average rating of “Buy” and a consensus target price of $17.83.

Ivanhoe Electric Trading Up 0.6%

The stock has a market capitalization of $1.61 billion, a price-to-earnings ratio of -12.77 and a beta of 1.26. The stock’s 50 day moving average is $9.86 and its two-hundred day moving average is $11.99.

Ivanhoe Electric (NYSEAMERICAN:IE) last posted its quarterly earnings data on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.28. Ivanhoe Electric had a negative net margin of 3,899.97% and a negative return on equity of 26.29%. The company had revenue of $0.72 million for the quarter, compared to the consensus estimate of $1.00 million. On average, research analysts anticipate that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Ivanhoe Electric in the second quarter valued at about $146,309,000. Price T Rowe Associates Inc. MD lifted its position in shares of Ivanhoe Electric by 114.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock worth $202,493,000 after buying an additional 6,761,857 shares during the last quarter. Alyeska Investment Group L.P. grew its holdings in shares of Ivanhoe Electric by 259.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock valued at $120,686,000 after purchasing an additional 5,451,646 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Ivanhoe Electric by 24.2% during the second quarter. Wellington Management Group LLP now owns 7,038,087 shares of the company’s stock worth $67,636,000 after buying an additional 1,371,303 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Ivanhoe Electric by 24.4% during the fourth quarter. Vanguard Group Inc. now owns 6,579,446 shares of the company’s stock worth $105,140,000 after buying an additional 1,290,175 shares in the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

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.