Shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Free Report) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $7.97 and last traded at $8.03, with a volume of 136020 shares changing hands. The stock had previously closed at $8.58.
Wall Street Analysts Forecast Growth
Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Ivanhoe Electric in a report on Tuesday, October 17th. They set an “overweight” rating and a $18.00 price target for the company. Scotiabank cut their price target on Ivanhoe Electric from $18.00 to $16.00 and set an “outperform” rating on the stock in a research note on Monday, November 20th.
Ivanhoe Electric Stock Down 2.8 %
The company has a debt-to-equity ratio of 0.19, a current ratio of 4.17 and a quick ratio of 4.10. The company has a market cap of $992.79 million, a PE ratio of -7.11 and a beta of 0.97.
Ivanhoe Electric (NYSEAMERICAN:IE – Get Free Report) last posted its earnings results on Tuesday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.45). The firm had revenue of $0.24 million during the quarter, compared to analysts’ expectations of $1.50 million. Ivanhoe Electric had a negative return on equity of 51.64% and a negative net margin of 4,787.04%. Equities research analysts anticipate that Ivanhoe Electric Inc. will post -1.79 EPS for the current year.
Insider Buying and Selling
In related news, CEO Joseph Taylor Melvin sold 61,953 shares of the business’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $10.27, for a total value of $636,257.31. Following the completion of the transaction, the chief executive officer now directly owns 708,047 shares in the company, valued at approximately $7,271,642.69. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.50% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in IE. Jennison Associates LLC bought a new stake in Ivanhoe Electric during the 3rd quarter valued at about $6,463,000. Pekin Hardy Strauss Inc. boosted its position in Ivanhoe Electric by 26.3% in the 3rd quarter. Pekin Hardy Strauss Inc. now owns 62,340 shares of the company’s stock worth $742,000 after purchasing an additional 12,975 shares in the last quarter. BW Gestao de Investimentos Ltda. acquired a new stake in Ivanhoe Electric in the third quarter valued at approximately $1,488,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Ivanhoe Electric by 3.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 464,781 shares of the company’s stock worth $5,531,000 after purchasing an additional 16,695 shares during the last quarter. Finally, Cohen & Steers Inc. purchased a new position in shares of Ivanhoe Electric in the second quarter valued at approximately $2,025,000. 54.86% of the stock is currently owned by institutional investors.