IREN (NASDAQ:IREN) Reaches New 52-Week High – Time to Buy?

IREN Limited (NASDAQ:IREN)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $42.93 and last traded at $41.80, with a volume of 22065400 shares changing hands. The stock had previously closed at $38.64.

Analysts Set New Price Targets

A number of research firms have commented on IREN. Cantor Fitzgerald upped their price target on IREN from $27.00 to $41.00 and gave the company an “overweight” rating in a research report on Friday, August 29th. Jones Trading downgraded IREN from a “buy” rating to a “hold” rating in a report on Tuesday, September 2nd. BTIG Research raised their price target on IREN from $22.00 to $32.00 and gave the stock a “buy” rating in a research note on Tuesday, September 9th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $16.00 price objective (up from $12.00) on shares of IREN in a research report on Monday, July 28th. Finally, Arete Research began coverage on shares of IREN in a report on Wednesday. They issued a “buy” rating and a $78.00 price objective for the company. Eleven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $39.45.

IREN Price Performance

The firm has a market cap of $11.36 billion, a PE ratio of 70.80 and a beta of 4.03. The company has a debt-to-equity ratio of 0.53, a current ratio of 4.29 and a quick ratio of 4.29. The firm has a 50-day simple moving average of $23.73 and a 200 day simple moving average of $14.02.

IREN (NASDAQ:IREN) last issued its quarterly earnings results on Thursday, August 28th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.02. IREN had a net margin of 33.03% and a return on equity of 1.34%. The company had revenue of $187.30 million during the quarter, compared to analyst estimates of $187.51 million. As a group, equities analysts expect that IREN Limited will post 0.43 EPS for the current year.

Insider Buying and Selling at IREN

In other IREN news, CEO Daniel John Roberts sold 1,000,000 shares of IREN stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $33.13, for a total transaction of $33,130,000.00. Following the completion of the transaction, the chief executive officer owned 13,989,696 shares in the company, valued at approximately $463,478,628.48. The trade was a 6.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 21.55% of the stock is owned by insiders.

Hedge Funds Weigh In On IREN

Hedge funds have recently bought and sold shares of the company. Advisors Asset Management Inc. grew its position in IREN by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 4,528 shares of the company’s stock valued at $66,000 after purchasing an additional 1,839 shares during the last quarter. Crewe Advisors LLC purchased a new position in IREN in the first quarter worth about $39,000. Quarry LP bought a new position in shares of IREN in the first quarter worth approximately $40,000. Delta Financial Group Inc. purchased a new stake in shares of IREN during the first quarter valued at approximately $61,000. Finally, SLT Holdings LLC bought a new stake in shares of IREN during the second quarter valued at approximately $146,000. Institutional investors own 41.08% of the company’s stock.

About IREN

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.