Ivanhoe Electric (NYSEAMERICAN:IE) Trading Down 4.4% After Analyst Downgrade

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price was down 4.4% during trading on Monday after Scotiabank lowered their price target on the stock from $14.00 to $13.50. Scotiabank currently has a sector outperform rating on the stock. Ivanhoe Electric traded as low as $7.62 and last traded at $7.64. Approximately 57,433 shares changed hands during trading, a decline of 74% from the average daily volume of 223,954 shares. The stock had previously closed at $7.99.

Several other brokerages have also weighed in on IE. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. Jefferies Financial Group dropped their price objective on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Monday.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Avior Wealth Management LLC bought a new position in Ivanhoe Electric during the third quarter valued at about $32,000. nVerses Capital LLC bought a new position in shares of Ivanhoe Electric during the 3rd quarter valued at about $33,000. Principal Financial Group Inc. acquired a new position in shares of Ivanhoe Electric in the 2nd quarter worth approximately $106,000. Creative Planning raised its holdings in shares of Ivanhoe Electric by 33.9% in the 3rd quarter. Creative Planning now owns 18,347 shares of the company’s stock worth $155,000 after purchasing an additional 4,644 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Ivanhoe Electric during the third quarter valued at approximately $162,000. 79.05% of the stock is owned by institutional investors and hedge funds.

Ivanhoe Electric Trading Down 1.5 %

The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market capitalization of $866.11 million, a price-to-earnings ratio of -4.52 and a beta of 0.66.

Ivanhoe Electric Company Profile

Ivanhoe Electric Inc explores and develops metals and mineral. The company provides Typhoon data acquisition system, a geophysical system that offers primary signal. It also explores copper and gold. The company was incorporated in 2020 and is headquartered in Tempe, Arizona.