IREN (NASDAQ:IREN) Trading 6.8% Higher After Analyst Upgrade

IREN Limited (NASDAQ:IREN)’s share price rose 6.8% during mid-day trading on Wednesday after BTIG Research raised their price target on the stock from $22.00 to $32.00. BTIG Research currently has a buy rating on the stock. IREN traded as high as $32.75 and last traded at $32.26. Approximately 18,164,832 shares traded hands during trading, a decline of 9% from the average daily volume of 19,953,102 shares. The stock had previously closed at $30.19.

Several other equities research analysts have also issued reports on IREN. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $16.00 price target (up from $12.00) on shares of IREN in a report on Monday, July 28th. Macquarie lifted their target price on shares of IREN from $20.00 to $33.00 and gave the stock an “outperform” rating in a research report on Friday, August 29th. HC Wainwright lifted their target price on shares of IREN from $21.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. B. Riley lifted their target price on shares of IREN from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Friday, August 29th. Finally, Jones Trading downgraded shares of IREN from a “buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Eight research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $30.33.

Insider Activity

In other news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $33.13, for a total value of $33,130,000.00. Following the completion of the sale, the chief executive officer owned 13,989,696 shares in the company, valued at $463,478,628.48. The trade was a 6.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 21.55% of the company’s stock.

Institutional Trading of IREN

Several hedge funds have recently modified their holdings of IREN. Hood River Capital Management LLC bought a new stake in shares of IREN in the 2nd quarter valued at $74,228,000. Situational Awareness LP bought a new stake in shares of IREN in the 1st quarter valued at $20,500,000. Merewether Investment Management LP bought a new stake in shares of IREN in the 2nd quarter valued at $21,025,000. Two Sigma Investments LP increased its stake in shares of IREN by 193.2% in the 4th quarter. Two Sigma Investments LP now owns 1,602,642 shares of the company’s stock valued at $15,738,000 after acquiring an additional 1,056,005 shares in the last quarter. Finally, Alkeon Capital Management LLC bought a new stake in shares of IREN in the 2nd quarter valued at $14,570,000. Institutional investors own 41.08% of the company’s stock.

IREN Stock Down 2.3%

The firm’s 50 day moving average price is $20.35 and its two-hundred day moving average price is $12.33. The company has a market cap of $8.93 billion, a P/E ratio of 55.68 and a beta of 4.03. The company has a debt-to-equity ratio of 0.53, a quick ratio of 4.29 and a current ratio of 4.29.

IREN (NASDAQ:IREN) last announced its quarterly earnings results on Thursday, August 28th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. IREN had a net margin of 33.03% and a return on equity of 1.34%. Equities research analysts anticipate that IREN Limited will post 0.43 EPS for the current fiscal year.

IREN Company Profile

IREN Limited, formerly known as Iris Energy Limited, owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.