Ivanhoe Electric Inc. (NYSEAMERICAN:IE) is Raffles Associates LP’s 2nd Largest Position

Raffles Associates LP raised its holdings in shares of Ivanhoe Electric Inc. (NYSEAMERICAN:IE) by 70.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,111,077 shares of the company’s stock after purchasing an additional 457,479 shares during the period. Ivanhoe Electric makes up about 9.6% of Raffles Associates LP’s investment portfolio, making the stock its 2nd largest holding. Raffles Associates LP’s holdings in Ivanhoe Electric were worth $9,400,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its stake in shares of Ivanhoe Electric by 0.9% in the third quarter. The Manufacturers Life Insurance Company now owns 128,365 shares of the company’s stock worth $1,086,000 after acquiring an additional 1,165 shares during the period. Old West Investment Management LLC grew its position in Ivanhoe Electric by 2.2% in the 2nd quarter. Old West Investment Management LLC now owns 159,332 shares of the company’s stock worth $1,495,000 after purchasing an additional 3,369 shares during the period. Avior Wealth Management LLC bought a new stake in Ivanhoe Electric in the 3rd quarter worth approximately $32,000. nVerses Capital LLC purchased a new stake in Ivanhoe Electric during the 3rd quarter valued at $33,000. Finally, Creative Planning lifted its holdings in shares of Ivanhoe Electric by 33.9% during the 3rd quarter. Creative Planning now owns 18,347 shares of the company’s stock valued at $155,000 after buying an additional 4,644 shares during the period. 79.05% of the stock is currently owned by hedge funds and other institutional investors.

Ivanhoe Electric Stock Up 3.4 %

Shares of IE stock opened at $9.54 on Friday. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -6.00 and a beta of 0.73. Ivanhoe Electric Inc. has a 12 month low of $6.31 and a 12 month high of $12.98. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Wall Street Analyst Weigh In

Several analysts recently commented on IE shares. Eight Capital raised Ivanhoe Electric to a “strong-buy” rating in a report on Thursday, September 26th. Scotiabank cut their price target on 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.