Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Significant Increase in Short Interest

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 9,640,000 shares, an increase of 7.8% from the October 15th total of 8,940,000 shares. Based on an average daily trading volume, of 736,300 shares, the days-to-cover ratio is currently 13.1 days. Currently, 13.2% of the company’s stock are sold short.

Ivanhoe Electric Price Performance

Shares of IE stock opened at $9.15 on Tuesday. The company has a current ratio of 2.50, a quick ratio of 3.52 and a debt-to-equity ratio of 0.26. Ivanhoe Electric has a twelve month low of $6.31 and a twelve month high of $12.98. The company has a market capitalization of $1.10 billion, a P/E ratio of -5.75 and a beta of 0.73.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. State Street Corp increased its position 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. Mak Capital One LLC increased its position in Ivanhoe Electric by 21.6% in the 2nd quarter. Mak Capital One LLC now owns 1,780,872 shares of the company’s stock worth $16,705,000 after buying an additional 316,903 shares during the period. Goehring & Rozencwajg Associates LLC increased its position in Ivanhoe Electric by 13.9% in the 2nd quarter. Goehring & Rozencwajg Associates LLC now owns 1,631,239 shares of the company’s stock worth $15,301,000 after buying an additional 199,400 shares during the period. Raffles Associates LP increased its position in Ivanhoe Electric by 70.0% in the 3rd quarter. Raffles Associates LP now owns 1,111,077 shares of the company’s stock worth $9,400,000 after buying an additional 457,479 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Ivanhoe Electric by 1.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 702,871 shares of the company’s stock worth $5,946,000 after buying an additional 8,023 shares during the period. 79.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a research note on Thursday, September 26th. Scotiabank cut their price objective on Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th.

About Ivanhoe Electric

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.