Ivanhoe Electric (NYSEAMERICAN:IE) Trading Up 7.7% – Still a Buy?

Ivanhoe Electric Inc. (NYSEAMERICAN:IE)’s stock price traded up 7.7% during trading on Tuesday . The stock traded as high as $7.87 and last traded at $7.73. 278,549 shares were traded during mid-day trading, a decline of 57% from the average session volume of 654,268 shares. The stock had previously closed at $7.18.

Wall Street Analyst Weigh In

Separately, Eight Capital raised shares of Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th.

Ivanhoe Electric Stock Performance

The company has a market capitalization of $939.59 million, a price-to-earnings ratio of -4.91 and a beta of 0.66. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26.

Institutional Investors Weigh In On Ivanhoe Electric

Institutional investors and hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of Ivanhoe Electric by 51.2% in the second quarter. Bank of New York Mellon Corp now owns 292,746 shares of the company’s stock worth $2,746,000 after acquiring an additional 99,106 shares in the last quarter. Principal Financial Group Inc. purchased a new position in shares of Ivanhoe Electric in the 2nd quarter valued at about $106,000. Rhumbline Advisers raised its position in shares of Ivanhoe Electric by 34.8% during the 2nd quarter. Rhumbline Advisers now owns 104,179 shares of the company’s stock worth $977,000 after acquiring an additional 26,909 shares in the last quarter. Old West Investment Management LLC increased its holdings in shares of Ivanhoe Electric by 2.2% in the 2nd quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock valued at $1,495,000 after acquiring an additional 3,369 shares during the period. Finally, Goehring & Rozencwajg Associates LLC grew its position in Ivanhoe Electric by 13.9% during the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after purchasing an additional 199,400 shares during the last quarter. Hedge funds and other institutional investors own 79.05% of the company’s stock.

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.