Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Large Decrease in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) saw a significant drop in short interest in December. As of December 31st, there was short interest totalling 7,450,000 shares, a drop of 7.3% from the December 15th total of 8,040,000 shares. Based on an average trading volume of 532,500 shares, the short-interest ratio is currently 14.0 days. Currently, 10.2% of the shares of the stock are short sold.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. JPMorgan Chase & Co. decreased their price objective on Ivanhoe Electric from $17.00 to $16.00 and set an “overweight” rating on the stock in a report on Thursday. Scotiabank cut their target price on shares of Ivanhoe Electric from $14.00 to $13.50 and set a “sector outperform” rating for the company in a report on Monday, January 6th. Finally, Jefferies Financial Group decreased their price target on shares of Ivanhoe Electric from $15.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, January 6th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its stake in shares of Ivanhoe Electric by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock valued at $566,000 after buying an additional 1,643 shares during the last quarter. Tidal Investments LLC increased its stake in Ivanhoe Electric by 14.5% in the third quarter. Tidal Investments LLC now owns 366,222 shares of the company’s stock worth $3,098,000 after purchasing an additional 46,345 shares during the period. Barclays PLC lifted its position in shares of Ivanhoe Electric by 358.9% during the third quarter. Barclays PLC now owns 135,903 shares of the company’s stock worth $1,150,000 after purchasing an additional 106,288 shares during the last quarter. Vestcor Inc boosted its stake in shares of Ivanhoe Electric by 11.6% during the third quarter. Vestcor Inc now owns 247,981 shares of the company’s stock valued at $2,098,000 after purchasing an additional 25,700 shares during the period. Finally, State Street Corp increased its stake in Ivanhoe Electric by 94.5% in the 3rd quarter. State Street Corp now owns 3,207,117 shares of the company’s stock worth $27,132,000 after buying an additional 1,558,467 shares during the period. Institutional investors own 79.05% of the company’s stock.

Ivanhoe Electric Stock Performance

Shares of NYSEAMERICAN IE traded down $0.18 during trading hours on Friday, hitting $6.71. 363,684 shares of the company traded hands, compared to its average volume of 426,179. Ivanhoe Electric has a 12 month low of $6.31 and a 12 month high of $12.98. The company has a market cap of $808.29 million, a P/E ratio of -4.22 and a beta of 0.78. The company has a debt-to-equity ratio of 0.26, a quick ratio of 2.50 and a current ratio of 2.50.

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.