SailingStone Capital Partners LLC Acquires 1,146,899 Shares of Ivanhoe Electric Inc. $IE

SailingStone Capital Partners LLC increased its holdings in Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 37.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,195,373 shares of the company’s stock after purchasing an additional 1,146,899 shares during the quarter. Ivanhoe Electric accounts for about 7.8% of SailingStone Capital Partners LLC’s holdings, making the stock its 6th largest holding. SailingStone Capital Partners LLC’s holdings in Ivanhoe Electric were worth $40,318,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Arizona State Retirement System increased its position in shares of Ivanhoe Electric by 31.5% in the second quarter. Arizona State Retirement System now owns 33,664 shares of the company’s stock valued at $324,000 after buying an additional 8,066 shares in the last quarter. Amundi raised its stake in shares of Ivanhoe Electric by 109.0% during the 2nd quarter. Amundi now owns 29,348 shares of the company’s stock worth $282,000 after buying an additional 15,308 shares during the period. California State Teachers Retirement System lifted its position in shares of Ivanhoe Electric by 994.8% during the 2nd quarter. California State Teachers Retirement System now owns 1,338,116 shares of the company’s stock valued at $139,242,000 after buying an additional 1,215,888 shares in the last quarter. AlphaGrep UK Ltd acquired a new stake in Ivanhoe Electric in the 2nd quarter valued at $187,000. Finally, Moore Capital Management LP acquired a new stake in Ivanhoe Electric in the 2nd quarter valued at $3,146,000. Hedge funds and other institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Price Performance

Shares of NYSEAMERICAN:IE opened at $10.90 on Thursday. The business’s 50 day moving average price is $9.96 and its 200-day moving average price is $11.81. Ivanhoe Electric Inc. has a 1 year low of $7.86 and a 1 year high of $21.55. The firm has a market capitalization of $1.74 billion, a PE ratio of -13.80 and a beta of 1.26.

Ivanhoe Electric (NYSEAMERICAN:IE) last announced its earnings results on Friday, August 7th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $1.00 million. As a group, analysts expect that Ivanhoe Electric Inc. will post -0.11 earnings per share for the current year.

Analysts Set New Price Targets

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

About Ivanhoe Electric

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.