Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Rating) was the recipient of a large growth in short interest in the month of December. As of December 30th, there was short interest totalling 985,400 shares, a growth of 62.0% from the December 15th total of 608,400 shares. Based on an average trading volume of 170,600 shares, the short-interest ratio is currently 5.8 days. Approximately 2.2% of the shares of the stock are short sold.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on IE shares. Raymond James started coverage on shares of Ivanhoe Electric in a research note on Wednesday, September 28th. They issued an "outperform" rating and a $12.00 target price on the stock. Scotiabank started coverage on shares of Ivanhoe Electric in a research note on Thursday, December 22nd. They issued a "sector perform" rating and a $14.00 target price on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, Ivanhoe Electric has a consensus rating of "Moderate Buy" and a consensus target price of 13.30.
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Insider Activity
In other Ivanhoe Electric news, Chairman Robert M. Friedland bought 422,767 shares of the company's stock in a transaction dated Tuesday, November 29th. The shares were purchased at an average cost of 9.85 per share, for a total transaction of 4,164,254.95. Following the transaction, the chairman now directly owns 9,385,324 shares of the company's stock, valued at 92,445,441.40. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.
Institutional Investors Weigh In On Ivanhoe Electric
Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in Ivanhoe Electric in the third quarter valued at $287,000. California State Teachers Retirement System purchased a new stake in Ivanhoe Electric in the third quarter valued at $47,000. Balyasny Asset Management LLC purchased a new stake in Ivanhoe Electric in the third quarter valued at $254,000. State Street Corp purchased a new stake in Ivanhoe Electric in the third quarter valued at $578,000. Finally, U S Global Investors Inc. lifted its position in Ivanhoe Electric by 122.4% in the third quarter. U S Global Investors Inc. now owns 10,000 shares of the company's stock valued at $83,000 after acquiring an additional 5,503 shares during the last quarter. 27.67% of the stock is owned by hedge funds and other institutional investors.
Ivanhoe Electric Stock Performance
Shares of NYSEAMERICAN:IE traded up 0.26 during trading on Wednesday, hitting 13.88. The company's stock had a trading volume of 204,100 shares, compared to its average volume of 211,591. The company has a debt-to-equity ratio of 0.10, a quick ratio of 9.18 and a current ratio of 9.48. Ivanhoe Electric has a fifty-two week low of 7.01 and a fifty-two week high of 15.53.
Ivanhoe Electric (NYSEAMERICAN:IE – Get Rating) last posted its quarterly earnings results on Monday, November 14th. The company reported -0.43 EPS for the quarter, missing the consensus estimate of -0.19 by -0.24. The business had revenue of 1.18 million for the quarter, compared to analyst estimates of 1.50 million. Sell-side analysts predict that Ivanhoe Electric will post -1.42 earnings per share for the current year.
About Ivanhoe Electric
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Ivanhoe Electric Inc operates as a mineral exploration and development company in the United States. It operates through Critical Metals, Technology, and Energy Storage. The company holds 84.6% interests in the Tintic copper-gold project covering an area of 65 square kilometers located in Utah. It also holds an option to acquire a 100% interest in the Santa Cruz copper project covering an area of 77.59 square kilometers located in Arizona; 75% interest in the Hog Heaven silver-gold-copper project covering an area of 24.2 square kilometers located in Montana; and 60% interest in the Ivory Coast project covering an area of 1,125 square kilometers located in the Ivory Coast.
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