Key Points
- Insider sale: Cassandra Pulskamp Joseph sold 123,074 shares of Ivanhoe Electric at an average price of $16.48 for about $2.03 million, cutting her stake by 70.55% to 51,370 shares; the sale was disclosed in an SEC filing.
- Analyst sentiment: Ivanhoe's stock was up 2.9% and JPMorgan raised its target to $22 with an "overweight" rating; the consensus from analysts is a "Buy" with an average target of $18.13.
- Institutional buying: Large funds significantly increased positions in Q4—Price T. Rowe, Alyeska and Wellington all added millions of shares—and institutions now own about 79.05% of the company.
Ivanhoe Electric Inc. (NYSEAMERICAN:IE - Get Free Report) insider Cassandra Pulskamp Joseph sold 123,074 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $16.48, for a total value of $2,028,259.52. Following the completion of the transaction, the insider directly owned 51,370 shares of the company's stock, valued at $846,577.60. This represents a 70.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.
Ivanhoe Electric Stock Up 2.9%
NYSEAMERICAN IE opened at $17.19 on Friday. The firm has a market capitalization of $2.71 billion, a PE ratio of -21.76 and a beta of 0.98. The stock's 50 day moving average is $17.15 and its 200 day moving average is $13.99. Ivanhoe Electric Inc. has a twelve month low of $4.50 and a twelve month high of $21.55.
Wall Street Analysts Forecast Growth
Separately, JPMorgan Chase & Co. upped their target price on shares of Ivanhoe Electric from $18.00 to $22.00 and gave the stock an "overweight" rating in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $18.13.
View Our Latest Stock Analysis on Ivanhoe Electric
Institutional Investors Weigh In On Ivanhoe Electric
Institutional investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Ivanhoe Electric by 114.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,671,551 shares of the company's stock valued at $202,493,000 after acquiring an additional 6,761,857 shares in the last quarter. Alyeska Investment Group L.P. grew its position in Ivanhoe Electric by 259.5% during the 4th quarter. Alyeska Investment Group L.P. now owns 7,552,332 shares of the company's stock valued at $120,686,000 after purchasing an additional 5,451,646 shares during the last quarter. Wellington Management Group LLP increased its stake in Ivanhoe Electric by 308.8% during the 4th quarter. Wellington Management Group LLP now owns 2,972,226 shares of the company's stock valued at $47,496,000 after purchasing an additional 2,245,110 shares in the last quarter. FIL Ltd bought a new stake in Ivanhoe Electric during the 4th quarter valued at about $23,970,000. Finally, Potrero Capital Research LLC purchased a new position in Ivanhoe Electric in the third quarter worth about $17,381,000. 79.05% of the stock is owned by hedge funds and other institutional investors.
Ivanhoe Electric Company Profile
(
Get Free Report)
Ivanhoe Electric (NYSEAMERICAN:IE) is a mineral exploration and project-development company focused on the discovery and advancement of battery-metal deposits. The company's portfolio targets copper, nickel, silver, gold and zinc resources that support the growing demand for electrification and clean-energy technologies. Through systematic geological mapping, drilling and metallurgical testing, Ivanhoe Electric aims to delineate large-scale, strategically located mineral systems.
Headquartered in Greenwood Village, Colorado, Ivanhoe Electric has assembled a diversified land package across North America and Europe.
Further Reading
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