Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Short Interest Down 7.3% in December

Ivanhoe Electric Inc. (NYSEAMERICAN:IE) was the recipient of a significant decline in short interest in the month of December. As of December 31st, there was short interest totalling 7,450,000 shares, a decline of 7.3% from the December 15th total of 8,040,000 shares. Based on an average daily volume of 532,500 shares, the days-to-cover ratio is presently 14.0 days. Currently, 10.2% of the company’s shares are sold short.

Ivanhoe Electric Stock Performance

Ivanhoe Electric stock traded down $0.18 during mid-day trading on Monday, reaching $6.71. The company’s stock had a trading volume of 363,684 shares, compared to its average volume of 426,179. Ivanhoe Electric has a twelve month low of $6.31 and a twelve month high of $12.98. The company has a market cap of $808.29 million, a PE ratio of -4.22 and a beta of 0.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its stake in Ivanhoe Electric by 0.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 128,365 shares of the company’s stock valued at $1,086,000 after buying an additional 1,165 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Ivanhoe Electric by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 66,951 shares of the company’s stock worth $566,000 after acquiring an additional 1,643 shares during the last quarter. Avior Wealth Management LLC purchased a new stake in shares of Ivanhoe Electric during the third quarter worth $32,000. nVerses Capital LLC acquired a new stake in Ivanhoe Electric during the third quarter valued at $33,000. Finally, Creative Planning grew its stake in Ivanhoe Electric by 33.9% in the third quarter. Creative Planning now owns 18,347 shares of the company’s stock valued at $155,000 after purchasing an additional 4,644 shares in the last quarter. 79.05% of the stock is owned by institutional investors and hedge funds.

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.