Ivanhoe Electric Inc. (NYSEAMERICAN:IE) Sees Large Growth in Short Interest

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

Institutional Trading of Ivanhoe Electric

Institutional investors have recently modified their holdings of the company. Avior Wealth Management LLC bought a new stake in shares of Ivanhoe Electric in the 3rd quarter worth approximately $32,000. nVerses Capital LLC bought a new position in shares of Ivanhoe Electric in the third quarter valued at $33,000. MQS Management LLC acquired a new stake in shares of Ivanhoe Electric during the 1st quarter valued at $100,000. Principal Financial Group Inc. bought a new stake in shares of Ivanhoe Electric during the 2nd quarter worth $106,000. Finally, ProShare Advisors LLC grew its holdings in shares of Ivanhoe Electric by 10.0% in the 1st quarter. ProShare Advisors LLC now owns 11,504 shares of the company’s stock worth $113,000 after acquiring an additional 1,043 shares during the last quarter. Institutional investors and hedge funds own 79.05% of the company’s stock.

Ivanhoe Electric Stock Performance

IE traded down $0.31 on Monday, reaching $9.15. The company had a trading volume of 527,719 shares, compared to its average volume of 670,039. Ivanhoe Electric has a one year low of $6.31 and a one year high of $12.98. The firm has a market capitalization of $1.10 billion, a PE ratio of -5.95 and a beta of 0.73. The company has a quick ratio of 3.52, a current ratio of 2.50 and a debt-to-equity ratio of 0.26.

Analyst Upgrades and Downgrades

IE has been the subject of several research reports. Eight Capital upgraded Ivanhoe Electric to a “strong-buy” rating in a research report on Thursday, September 26th. Scotiabank lowered their target price on shares of Ivanhoe Electric from $14.50 to $14.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th.

Ivanhoe Electric Company Profile

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.