Fidelity Management & Research Co recently announced the acquisition of new stake in Ivanhoe Electric Inc (AMEX:IE). The institutional investor has increased its shareholding in the Basic Materials company by 19.39% to 9.5 million shares with purchase of 1.54 million shares. This fresh investment now brings its stake to 7.98% valued currently at $95.72 million. In addition, BlackRock Investment Management raised its holdings by 1.43 million to 7.55 million shares. And T. Rowe Price Associates, Inc. has lifted its position by 258.61% or 4.61 million shares – to 6.39 million shares.
With over 0.47 million Ivanhoe Electric Inc (IE) shares trading Friday and a closing price of $8.91 on the day, the dollar volume was approximately $4.21 million. The shares have shown a negative half year performance of -44.31% and its price on 01/12/24 gained nearly 0.56%. Currently, there are 92.96M common shares owned by the public and among those 69.73M shares have been available to trade.
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Insiders at the company have transacted a total of 82 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 14 of these insider trades were purchases, accounting for 772,872 shares. Insider sales of the common stock occurred on 68 occasions, with total insider shares sold totaling 163,236 shares.
The top 3 mutual fund holders in Ivanhoe Electric Inc are BlackRock World Mining Fund, Fidelity Contrafund, and Victory Global Energy Transition. BlackRock World Mining Fund owns 4.98 million shares of the company’s stock, all valued at over $50.15 million. Victory Global Energy Transition bought 1.77 million shares to bring its total holdings to over 4.01 million shares at a value of $40.47 million. Victory Global Energy Transition now owns shares totaling to 3.37% of the shares outstanding.
Shares of Ivanhoe Electric Inc (AMEX: IE) opened at $9.06, up $0.2 from a prior closing price of $8.86. However, the script later moved the day high at 9.18, up 0.56%. The company’s stock has a 5-day price change of -10.72% and -13.58% over the past three months. IE shares are trading -11.61% year to date (YTD), with the 12-month market performance down to -37.21% lower. It has a 12-month low price of $8.79 and touched a high of $16.75 over the same period. IE has an average intraday trading volume of 395.25K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -12.52%, -13.95%, and -29.29% respectively.
Institutional ownership of Ivanhoe Electric Inc (AMEX: IE) shares accounts for 51.75% of the company’s 92.96M shares outstanding. Mutual fund holders own 29.29%, while other institutional holders and individual stakeholders account for 34.28% and 17.07% respectively.
It has a market capitalization of $1.05B and a beta (3y monthly) value of 1.00. The earnings-per-share (ttm) stands at -$1.97. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.85% over the week and 4.48% over the month.
Analysts forecast that Ivanhoe Electric Inc (IE) will achieve an EPS of -$0.18 for the current quarter, -$0.11 for the next quarter and -$0.69 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.28 while analysts give the company a high EPS estimate of -$0.01. Comparatively, EPS for the current quarter was -$0.43 a year ago. Earnings per share for the fiscal year are expected to increase by 14.65%, and 50.66% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Ivanhoe Electric Inc (IE) as a “Strong Buy” at a consensus score of 1.20. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IE, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on October 17, 2023, with the firm’s price target at $18.
