Ivanhoe Electric (NYSEAMERICAN:IE) Trading 5.1% Higher

Ivanhoe Electric Inc. (NYSEAMERICAN:IE – Get Rating)’s share price traded up 5.1% during mid-day trading on Friday . The company traded as high as $11.95 and last traded at $11.79. 282,756 shares were traded during trading, a decline of 14% from the average session volume of 327,364 shares. The stock had previously closed at $11.22.

Wall Street Analyst Weigh In

Several research analysts have weighed in on IE shares. Raymond James upped their target price on shares of Ivanhoe Electric from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 15th. BMO Capital Markets upped their target price on shares of Ivanhoe Electric from $15.00 to $18.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 15th. Finally, Scotiabank started coverage on shares of Ivanhoe Electric in a research report on Thursday, December 22nd. They set a “sector perform” rating and a $14.00 target price on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.70.

Ivanhoe Electric Stock Performance

The company has a current ratio of 8.66, a quick ratio of 9.18 and a debt-to-equity ratio of 0.13.

Hedge Funds Weigh In On Ivanhoe Electric

Large investors have recently bought and sold shares of the stock. Kopernik Global Investors LLC purchased a new position in Ivanhoe Electric during the third quarter worth approximately $9,176,000. Raffles Associates LP purchased a new position in Ivanhoe Electric during the third quarter worth approximately $124,000. Ontario Teachers Pension Plan Board purchased a new position in shares of Ivanhoe Electric in the 3rd quarter valued at $7,916,000. Russell Investments Group Ltd. purchased a new position in shares of Ivanhoe Electric in the 3rd quarter valued at $1,877,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Ivanhoe Electric by 187.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 115,000 shares of the company’s stock valued at $949,000 after acquiring an additional 75,000 shares during the period. Hedge funds and other institutional investors own 27.67% of the company’s stock.

About Ivanhoe Electric

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Ivanhoe Electric Inc operates as a mineral exploration and development company in the United States. It operates through Critical Metals, Technology, and Energy Storage. The company holds 84.6% interests in the Tintic copper-gold project covering an area of 65 square kilometers located in Utah. It also holds an option to acquire a 100% interest in the Santa Cruz copper project covering an area of 77.59 square kilometers located in Arizona; 75% interest in the Hog Heaven silver-gold-copper project covering an area of 24.2 square kilometers located in Montana; and 60% interest in the Ivory Coast project covering an area of 1,125 square kilometers located in the Ivory Coast.