Ivanhoe Electric (NYSEAMERICAN:IE) Sets New 52-Week Low – Time to Sell?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $8.48 and last traded at $8.47, with a volume of 634375 shares trading hands. The stock had previously closed at $9.14.

Analyst Upgrades and Downgrades

Separately, JPMorgan Chase & Co. cut their price objective on shares of Ivanhoe Electric from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. Based on data from MarketBeat, Ivanhoe Electric presently has an average rating of “Buy” and a consensus price target of $17.88.

Ivanhoe Electric Stock Down 4.4%

The company has a market capitalization of $1.38 billion, a PE ratio of -10.79 and a beta of 1.23. The company has a 50-day moving average price of $11.90 and a two-hundred day moving average price of $14.13.

Ivanhoe Electric (NYSEAMERICAN:IE) last issued its quarterly earnings data 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). Ivanhoe Electric had a negative return on equity of 29.11% and a negative net margin of 3,477.73%.The company had revenue of $0.86 million for the quarter, compared to analysts’ expectations of $0.90 million. As a group, equities analysts anticipate that Ivanhoe Electric Inc. will post 0.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Ivanhoe Electric

A number of institutional investors and hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Ivanhoe Electric by 114.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company’s stock valued at $202,493,000 after acquiring an additional 6,761,857 shares during the period. Alyeska Investment Group L.P. lifted its stake in Ivanhoe Electric by 259.5% in the 4th quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company’s stock worth $120,686,000 after purchasing an additional 5,451,646 shares in the last quarter. Vanguard Group Inc. boosted 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 valued at $105,140,000 after purchasing an additional 1,290,175 shares during the period. State Street Corp grew its position in shares of Ivanhoe Electric by 16.1% during the 4th quarter. State Street Corp now owns 6,451,563 shares of the company’s stock valued at $103,096,000 after purchasing an additional 895,102 shares in the last quarter. Finally, Primecap Management Co. CA increased its holdings in shares of Ivanhoe Electric by 8.0% in the fourth quarter. Primecap Management Co. CA now owns 3,054,884 shares of the company’s stock worth $48,817,000 after purchasing an additional 226,600 shares during the period. 79.05% of the stock is owned by hedge funds and other institutional investors.

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.